Russia: Industrial output unexpectedly drops in January
February 19, 2014
In January, industrial production contracted 0.2% over the same month last year, which contrasted the revised 0.4% expansion recorded in December (previously reported: +0.8% year on year). December's result was revised significantly because the statistical institute switched from using 2008 as the base year to using 2010. The contraction recorded in January contrasted the 1.0% increase the market had expected. The fall was driven by a drop in electricity, gas and water and a deceleration in manufacturing as well as in mining and quarrying. On a month-on-month seasonally-adjusted basis, industrial output contracted 1.0% in January (December: +1.1% month-on-month). Meanwhile, annual average growth in industrial production was stable at December's 0.4%. The government sees industrial output expanding 2.2% in 2014. FocusEconomics Consensus Forecast panelists expect industrial production to increase 2.2% in 2014, which is down 0.2 percentage points from last month's forecast. For 2015, the panel expects growth in industrial production to accelerate to 2.6%.
Author: Armando Ciccarelli, Head of Data Solutions