In August, industrial production declined by 5.4% y/y compared to 4.9% y/y contraction seen in July, the State Statistics Service has announced. In m/m terms, industrial production in August fell by 2.5%. In Jan-Aug, industrial production shrank by 5.2% y/y.
In particular, mining and quarrying in August decreased by 1.1% m/m, and grew by 1.1% y/y. The volume of the processing industry in August decreased by 73.2% m/m and 9% y/y. Manufacture of food products, beverages and tobacco decreased by 1.4% m/m (down by 8.5% y/y), the amount of light industry declined during the month by 2.6% (down by 11.8% y/y). Manufacture of coke, refined petroleum products in August increased by 3.2% m/m (down by 5.8% y/y).
Manufacture of chemicals and chemical products declined during the month by 9.2% (down by 25% y/y), rubber and plastic products grew by 3.3% (down by 4.3% y/y). The volume of steel production in August decreased by 2.9 % m/m (for the year - 2.4%), machinery for the month decreased by 5.1 % ( for the year - a decline of 3.4%).
Industrial output reduced by 1.8% in 2012, compared with 2011.
The government forecasts industrial production to grow by 8-9% over 2013-2014. The increase in production of chemical and petrochemical industry will be mainly achieved by an increase in the production of mineral fertilizers (nitrogen, phosphorus), taking into account the favorable conditions in foreign markets and prices, as well as organic chemistry products (production of organic acids, amino acids, biopolymers ).
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