Industrial production declined by 1% y/y and by 0.4% m/m in November, the data by RosStat shows. Since a decline of 1.4% y/y seen in May, the growth of the indicator was close to zero. November’s 1% y/y decline is worse than the expectations by the EconMin that counted on industry’s recovery towards the end of the year. However, EconMin’s forecast for this year is still very moderate: 0.1% industrial output growth in 2013 recently revised from 0.7% y/y.
In Jan-Nov overall, industrial production remained stagnant at -0.1% y/y vs. 2.7% y/y growth seen for the same period of last year. According to the previous report, in Q3 industrial output was down by 0.1% y/y vs. 2.5% y/y growth for the same quarter of last year.
Industrial production was expected to bounce slightly from a decline in May. However, poor external demand, weak domestic spending, stalled investment and lately also uncertainty on how the government is going to address the current slowdown contributed to more pessimistic expectations. Since the end of H1/13 the industry balances between stagnation and recession.
In Jan-Nov, only extraction industries posted growth of 1.2% y/y (picking up slightly from 1% y/y in H1/12). Manufacturing and utilities industries contracted by 0.6% y/y and 0.7% y/y respectively. Oil extraction gained 0.7% y/y, natural gas extraction went up by 2.4% y/y, and coal mining declined by 3% y/y in Jan-Nov.
Russia’s leading supermarket chain X5 Retail Group intends to list shares on the Moscow Exchange (MOEX) as GDRs in the autumn, the company said on July 26. The company said its key goal was to ... more
Azerbaijani President Ilham Aliyev and Russian President Vladimir Putin held an unannounced meeting in Sochi on July 21, according to RIA Novosti press agency. The two heads of state reportedly ... more
German technology major Siemens said on July 21 it has "credible evidence" that all four gas turbines supplied for a power plant in the south of Russia were locally modified and illegally supplied ... more