Ukraine: Industrial production contracts for fifth consecutive month in October
November 22, 2012
In October, industrial production contracted 4.2% over the same month last year, marking the fifth monthly drop in a row. However, the reading represents an improvement compared to the 7.0% fall tallied in September, which had marked the steepest decline seen since September 2009. The milder contraction was mainly driven by a rebound in the mining sector and a softer contraction in manufacturing output. On the other hand, the distribution of electricity, gas and water deteriorated over the previous month. Building on the negative annual readings seen in recent months, the trend continues to point downwards, with annual average growth in industrial production falling from minus 0.1% in September to minus 0.8% in October.