Russia: Industrial output expands slightly in August
September 16, 2013
In August, industrial production rose 0.1% over the same month last year, which contrasted the 0.7% drop recorded in July and exceeded the market's expectation of a flat reading. The result was mainly driven by stronger growth in the mining sector.
On a month-on-month seasonally adjusted basis, industrial output rose 0.7% (July: -0.9% mom). Meanwhile, average annual growth in industrial production fell from 0.8% in July to 0.6% in August.
The government sees industrial output expanding 0.7% in 2013. FocusEconomics Consensus Forecast panelists are less optimistic and expect industrial production to increase 2.5% in 2013, which is down 0.3 percentage points from last month's forecast. For 2014, the panel expects industrial production growth to accelerate to 3.2%.
Author: Armando Ciccarelli, Head of Data Solutions