Industrial production inched up by 0.3% y/y and slipped by 0.7% m/m in September, 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-Sep, industrial production remained stagnant at 0.1% y/y vs. 2.9% y/y growth seen for the same period of last year. 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. The industry balances between stagnation and recession.
In September, only extraction industries posted growth of 1.7% y/y (slowing from 2% y/y in August). Manufacturing and utilities industries contracted by 0.8% y/y and 0.2% y/y respectively. In Jan-Sep, manufacturing was down by 0.3% y/y, utilities contracted by 0.5% y/y, while extraction inched up by 1.1% y/y.
Oil extraction gained 0.8% y/y, natural gas extraction inched by 1.1% y/y, and coal mining declined by 2.5% y/y in Jan-Sep.
Markit-compiled HSBC manufacturing PMI in September remained below the no-change mark of 50.0 for the third month in a row, making Q3/13 the weakest quarter since Q4/09. The index remained flat m/m at 49.4. The index confirms the stagnation of manufacturing: new order growth was marginal, input and output prices rose at historically weak rates, new export work declined, and employment decline was the fastest in years.
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