17 Jun 2010 17:13

Russian industry soars 12.6% in May

MOSCOW. June 17 (Interfax) - Russian industrial output soared 12.6% year-on-year in May, the Federal State Statistics Service (Rosstat) said.

Output rose 10.3% in January-May and was up 1.2% in May compared with April 2010.

Output grew 10.4% year-on-year in April 2010.

Analysts said in a consensus forecast for Interfax at the end of May that they thought industry would rise 11% that month.

But Rosstat has started to use new industry weightings to calculate output. It used to employ weightings valid for 2002, but it is now employing weightings applicable to 2008 in view of the structural changes that have occurred in industry. Many analysts have stopped giving monthly industry predictions altogether as Rosstat will revise industrial output indices, adjusting them for the new base year, in during Q2 2010.