Russia: Industrial production moderates unexpectedly in April
May 17, 2012
In April, industrial production rose 1.3% over the same month last year, which was below both the 2.0% expansion recorded in March and market expectations of a 3.2% increase. The slowdown was caused by a contraction in the utilities sector, while mining and quarrying, as well as manufacturing, improved compared to the previous month. On a monthly basis, industrial output rose a seasonally adjusted 0.1%, contrasting the 1.2% contraction recorded in March. Meanwhile, the trend deteriorated, with annual average growth in industrial production edging down from 4.3% in March to 4.1% in April. The government expects industrial output to expand 3.1% in 2012.
Author: Armando Ciccarelli, Head of Data Solutions