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Russia: Industrial production growth decelerates in September
Latest reading: Industrial production was up 0.3% in annual terms in September, following a 0.5% increase in the prior month.
Relative to the prior month’s figures, the reading for manufacturing softened in September (+0.4% in annual terms vs +2.4% in August). In contrast, readings picked up for mining and quarrying (+0.2% vs -2.5% in August), electricity, gas, steam and air conditioning supply (+1.2% vs -0.2% in August) and water supply, sewerage, waste management and remediation activities (-0.9% vs -5.6% in August).
In seasonally adjusted month-on-month terms, industrial production was down 1.0% in September, following 0.6% growth in the previous month.
Outlook: As of end-September, Russia’s Ministry of Economic Development forecasts industrial production to grow by 1.5% in 2025, down from the previously projected 2.6%. Meanwhile, most of our panelists are even more conservative, and see growth between 0.3% and 1.5%.
