Russia: Industrial output growth rises in July
Industrial output growth rose to 3.3% year on year in July from June’s 2.7% increase. Looking at the details of the release, the figure was largely due to faster growth in manufacturing production. In addition, mining and quarrying production contracted at a softer rate. That said, water supply output lost momentum.
Meanwhile, annual average industrial production growth fell to 5.1% in July (June: +5.3%), signaling a worsening trend in the industrial sector.
On a monthly basis, industrial output declined 0.8% in seasonally adjusted terms in July, a softer decrease than June’s 1.5%.