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
Russia Industry Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Industrial Production (ann. var. %) | 3.5 | 3.4 | -2.1 | 6.3 | 0.9 |
Industrial output records slowest growth since March in December
Industrial production increased 2.7% year on year in December (November: +4.5% yoy). December's figure marked the worst reading since March. December's notable weakening was largely driven by a deterioration in manufacturing production growth, as it recorded the weakest reading since February. In addition, mining and quarrying output contracted at the end of 2023. On a monthly basis, factory output was flat in seasonally adjusted terms in December, which was below November’s 0.3% expansion. Meanwhile, annual average industrial production growth rose to 3.5% in December (November: +3.1%), which marked an over one-year high.
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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