Industrial production in Russia increased 1.1 percent year-on-year in January of 2019, easing from a 2 percent rise in the previous month and missing market expectations of 1.3 percent. It was the smallest gain in industrial activity since December of 2017, when it contracted by 1.7 percent. Output slowed for extraction of raw materials (4.8 percent from 6.3 percent in December) and electricity, gas, steam & air conditioning supply (1.3 percent from 4.5 percent). In addition, production fell for manufacturing (-1 percent from a flat reading) and distribution of water (-2.8 percent from 3.8 percent). On a monthly basis, industrial output slumped 21.5 percent, after rising 7 percent in December. Industrial Production in Russia averaged 3.44 percent from 2000 until 2019, reaching an all time high of 17.70 percent in April of 2000 and a record low of -16.90 percent in January of 2009.
Industrial Production in Russia is expected to be 3.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Industrial Production in Russia to stand at 2.60 in 12 months time. In the long-term, the Russia Industrial Production is projected to trend around 3.20 percent in 2020, according to our econometric models.