Russia: Industrial production accelerates in May
June 18, 2012
In May, industrial production rose 3.7% over the same month last year, which was above both the 1.3% expansion recorded in April and market expectations of a 1.7% increase. The acceleration was caused by improvements in manufacturing as well as in the utilities sector, while mining and quarrying contracted compared to the previous month. On a monthly basis, industrial output rose a seasonally adjusted 1.0%, up from the 0.1% expansion recorded in April. Nevertheless, the trend moderated further, with annual average growth in industrial production inching down from 4.1% in April to 4.0% in May. The government expects industrial output to expand 3.1% in 2012.
Author: Armando Ciccarelli, Head of Data Solutions