Russia: Industrial production remains robust December
January 26, 2011
In December, industrial production expanded 6.3% over the same month last year. The reading was below the 6.7% expansion recorded in November but a notch above market expectations of a 6.2% rise. The main driver of the increase was manufacturing, which grew 9.7% annually (November: +10.1% year-on-year). Growth in mining and quarrying rose to 2.5%, up from a 2.0% expansion recorded in November. Finally, electricity, gas and water supply added 1.2%, up from the 0.1% increase tallied in the previous month. On a full-year basis, industrial production expanded 8.2% in 2010, which contrasted the 9.3% contraction recorded in the previous year. In addition, the result marked the strongest expansion in the last seven years. For 2011, the government expects industrial production to expand 4.1%, before moderating to a 3.8% clip the following year.
Author: Armando Ciccarelli, Head of Data Solutions