Russia: Industrial production moderates in March
April 16, 2012
In March, industrial production rose 2.0% over the same month last year, which was below both the 6.5% expansion recorded in February and market expectations of a 5.0% increase. The slowdown was broad-based as all sectors moderated compared to the previous month. On a monthly basis, industrial output dropped a seasonally adjusted 1.2%, which contrasted the 1.6% increase recorded in February. Moreover, the trend deteriorated, with annual average growth in industrial production edging down from 4.6% in February to 4.3% in March. The government revised down its industrial production forecast for this year and now expects industrial output to expand 3.1% in 2012, down from an earlier 3.4% forecast.
Author: Armando Ciccarelli, Head of Data Solutions