Russia: Industrial production slows
November 15, 2011
In October, industrial production rose 3.6% over the same month last year, which was below the 3.9% expansion recorded in September but slightly above market expectations of a 3.5% increase. This was, moreover, the weakest reading since October 2009. A month-on-month comparison does not corroborate the moderation suggested by the annual figures. In October, industrial production expanded a seasonally adjusted 0.8% over the previous month, which contrasted the 0.3% drop recorded in September. As a result of the October reading, the trend deteriorated, with annual average growth in industrial production dropping from September's 5.6% to 5.3% in October. The government expects industrial production to expand 4.8% this year and to moderate to 3.4% next year.
Author: Armando Ciccarelli, Head of Data Solutions