Industrial production declined by 0.1% y/y and by 0.6% m/m in October, the data by RosStat shows. Since a decline of 1.4% y/y seen in May the growth of the indicator is close to zero.
In Jan-Oct overall, industrial production remained stagnant at 0.0% y/y vs. 2.8% 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-Oct, 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 0.3% y/y respectively. Oil extraction gained 0.8% y/y, natural gas extraction went up by 2.6% y/y, and coal mining declined by 2.9% y/y in Jan-Sep.
Related Articles
EU outlines structure of reparations loan backed by frozen Russian assets for Ukraine
The European Commission has detailed how a proposed reparations loan for Ukraine would be financed using revenue generated from frozen Russian sovereign assets, stressing that the mechanism does not ... more
Trump: Putin wants to do a deal, but next steps unclear
After being debriefed on the Moscow meeting between US special envoys and Russian President Vladimir Putin, US President Donald Trump told reporters that the Russian leader wants to do a deal, but ... more
Euroclear warns EU on using Russian assets for Ukraine loans
Euroclear has cautioned EU officials about potential risks linked to plans to use frozen Russian assets as collateral for loans to Ukraine, reported Ukraine Business News. ... more
Most Read
-
The birth of a Kazakh banking empire: ATF Bank
3 years ago
-
India’s smart metering push gains momentum
4 months ago
-
The birth of a Kazakh banking empire: ATF Bank
3 years ago