Russia: Industrial production picks up in June
July 14, 2011
In June, industrial production rose 5.7% over the same month last year, which was above the 4.1% expansion recorded in May and overshot market expectations of a 4.8% increase. In addition, the reading marks the first pick-up in industrial production, after moderating over the previous four months and posting in May the lowest reading since October 2009. A month-on-month comparison supports the acceleration suggested by the annual figures. In June, industrial production expanded a seasonally adjusted 0.7% over the previous month, which was an improvement compared to the 0.5% increase. Nevertheless, the trend deteriorated, with annual average growth in industrial production dropping from 6.2% in May to 5.9% in June. For 2011, the government expects industrial production to expand 5.4%, before moderating to a 3.6% clip the following year.
Author: Armando Ciccarelli, Head of Data Solutions