Russia: Industrial output records lowest expansion in over a year in June
Industrial output rose 1.9% year on year in June (May: +5.3% yoy). The result marked the worst reading since March 2023. The reading was largely due to a deterioration in manufacturing output growth, as it recorded the weakest reading since February 2023. In addition, mining and quarrying output contracted at a steeper pace.
Accordingly, annual average industrial production growth fell to 4.8% in June (May: +5.1%). This signals a worsening trend in the industrial sector.
On a seasonally adjusted monthly basis, industrial output fell 1.5% in June (May: +2.1% s.a. mom), the worst result since January 2023.