Russian industrial production for May advanced 11.8% from 7.6% in April, which was also revised up from the previous result of 7.2%, RosStat said on June 24.
As a result, growth for 5M21 totalled 3.2%. In month-on-month terms, once adjusted for seasonal factors, industrial output climbed 1.1%, up from 0.1% growth in April.
In year-on-year terms, the largest increase was seen in the mineral extraction (up 12.3%) and refining (11.4%) sectors.
The category of water supply, water sanitation and waste collection showed growth of 23.8% (19.1% for 5M21).
Supply of electricity, gas and steam advanced 8.7% (8.8% over 5M21).
Overall, for 5M21 industrial output climbed 6%, while raw material extraction still dropped 2.4% over that period.
“The more detailed breakdown for industrial production shows that y/y growth was registered in all segments except the production of tobacco (down 4.1%) and clothes (down 0.9%). The largest growth came in automobile production (up 71.4%), furniture (60.4%) and fabricated metal goods (up 44.3%),” Sberbank CIB said in a note.
“We expect industrial output to maintain positive y/y dynamics thanks to the low base effect of last year. We forecast industrial production climbing 4% y/y this year,” Sberbank added.