Russia: Industrial output records slowest growth since March in December
Industrial production increased 2.7% year on year in December (November: +4.5% yoy). December’s figure marked the worst reading since March. December’s notable weakening was largely driven by a deterioration in manufacturing production growth, as it recorded the weakest reading since February. In addition, mining and quarrying output contracted at the end of 2023.
On a monthly basis, factory output was flat in seasonally adjusted terms in December, which was below November’s 0.3% expansion. Meanwhile, annual average industrial production growth rose to 3.5% in December (November: +3.1%), which marked an over one-year high.