Russia: Industrial output growth ebbs in June
Industrial output rose 6.5% compared to the same month of the previous year in June, which was a deterioration from May’s 7.1% increase. Looking at the details of the release, manufacturing production accelerated in June, partly thanks to rising weapons provision, while mining and quarrying output swung to contraction.
On a seasonally adjusted monthly basis, industrial output was flat in June (May: +0.7% mom). Meanwhile, the trend improved sizably, with the annual average variation of industrial production coming in at 0.3%, contrasting May’s minus 0.4% reading.