Russia: Industrial output growth moderates in July
Annual industrial output growth came in at 2.8% in July, softening from June’s 3.3% year-on-year jump. The deceleration was chiefly driven by weaker manufacturing production growth. This, coupled with a milder expansion in the electricity, gas and steam, air conditioning supply sector, more than offset stronger output growth in the mining sector.
On a monthly basis, industrial production fell 0.4% in seasonally- and calendar-adjusted terms, contrasting June’s 1.1% increase. Moreover, annual average growth in industrial production inched down to 2.6% in July from 2.7% in June.