Industrial output growth in Russia quickens to 3.4% in July - Rosstat
MOSCOW. Aug 15 (Interfax) - Industrial output in Russia grew 3.4% year-on-year in July after expanded 1.9% in June, 3.7% in May, 1.3% in April, 2% in March, 6.5% in February, and 3.8% in January, the Federal State Statistics Service (Rosstat) said on Wednesday.
That was better than analysts, who were fairly downbeat after slow growth in June, had expected (2.2%, according to a consensus forecast compiled by Interfax).
Industrial output grew 3.2% year-on-year over the period January-July. Annual growth in July of last year was 5.2%, and it was 5.3% for the seven-month period in 2011.
Excluding seasonal and calendar factors, industrial output expanded 0.9% month-on-month this past July after 0% growth in June, 1.0% growth in May, and 0.1% growth in April. So, industry remains between stagnation and growth, and with every month the situation can change - resulting in no defined trend to this point.
The manufacturing industry grew 5.7% year-on-year in July (3.4% in June). In the extractive industry, July growth was 0.9% (0.2%). The utilities sector saw a slowdown to 0.8% growth in July (2.1%).
Some of the July-growth quickening is attributable to calendar factors. There was one working day more last month than in July of last year, whereas the situation was the reverse in June.
Car production increased 11.9% in July after 16.6% growth in June.
July steel-smelting increased 3.4%, the production of metal roll 3.1%. On the other hand, the pipe sector saw output contract 10.0%.
There was 7.9% less gas produced year-on-year in July, 0.1% less oil and 0.1% less coal.
There was 0.3% more electric power generated in Russia in July, and 0.8% more thermal energy.
The Economic Development Ministry lowered its 2012 industrial output growth forecast from 3.6% to 3.1% back in April. A consensus forecast compiled by Interfax at the end of last month produced a forecast of 3.5% for the year.
Russian industrial output grew 4.7% in 2011.