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.
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
A Baku court sentenced Russian travel blogger Alexander Lapshin to three years behind bars for having ... more