Russia: Industrial output growth rises but remains underwhelming in March
Latest reading: Industrial output growth inched up to 0.8% in year-on-year terms in March from February’s 0.2% increase. Still, the reading was one of the worst since the start of the war in 2022. Looking at the details of the release, manufacturing production picked up pace. Moreover, energy output, water supply plus mining and quarrying production dropped at a more moderate pace; still, the latter remained historically weak. As a result, annual average industrial production growth fell to 3.5% in March (February: +3.7%). This signals a worsening trend in the industrial sector.
On a seasonally adjusted monthly basis, factory output fell 0.7% in March (February: +0.3% mom s.a.).