Russia: Industrial output slows in April
May 22, 2013
In April, industrial production grew 2.3% over the same month last year, which was down both from the 2.6% increase in March and market expectations of a 2.5% rise. The moderation stemmed from a slowdown in manufacturing - the largest contributor to industrial output -, while the other sectors improved compared to the previous month.
On a month-on-month seasonally adjusted basis, industrial output fell 0.9% (March: +2.5% mom). Despite the slower annual reading, the trend improved in April, with average annual variation in industrial production inching up to 1.7% from 1.6% in March.
The government sees industrial output expanding 3.4% in 2013. FocusEconomics Consensus Forecast panellists 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