Russia

Russia Industry

Russia Industry

Industrial Production in Russia

In the decade leading up to 2022, Russia's economy recorded an average industrial production growth of 2.0%, below the Eastern Europe's average of 3.2%. In 2022, the industrial production growth was 0.8%. For more industry information, visit our dedicated page.

Russia Industry Chart

Note: This chart displays Industrial Production (ann. var. %) for Russia from 2014 to 2023.
Source: Macrobond.

Russia Industry Data

2019 2020 2021 2022 2023
Industrial Production (ann. var. %) 3.4 -2.1 6.3 0.9 3.5

Industrial output growth speeds up in May

Industrial output increased 5.3% compared to the same month of the previous year in May (April: +3.9%), which more than doubled market expectations for a 2.5% increase. Looking at the details of the release, May's pickup was broad-based. Manufacturing and water supply activity gained steam, while energy supply bounced back in May. Moreover, mining and quarrying output fell at a softer rate. Meanwhile, annual average industrial production growth fell to 5.1% in May (April: +5.2%), signaling a worsening trend in the sector. On a seasonally adjusted monthly basis, industrial production rebounded, rising 2.0% in May (April: -0.1% s.a. mom), the joint-best result since April 2021.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Russian industry projections for the next ten years from a panel of 9 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable industry forecast available for Russian industry.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Russian industry projections.

Want to get access to the full dataset of Russian industry forecasts? Send an email to info@focus-economics.com.

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