Russian industrial output grew 4.9% in July, 2.6% in 7M

MOSCOW. Aug 23 (Interfax) - Russian industrial output rose 4.9% year-on-year in July from a low base in 2022, the State Statistics Service (Rosstat) said.

Industry grew 5.8% year-on-year in June and 6.7% in May 2003.

Analysts predicted in a consensus forecast for Interfax at the start of August that industry might have grown 4.9% in July.

Rosstat adjusted industry dynamics for 2022 and for the first half of 2023, in accordance with regulations. According to the revised data, industrial production increased by 0.6% in 2022 instead of falling 0.6%, as previously estimated. Manufacturing output rose 0.3% instead of falling by 1.3%, and the extractive sectors grew 1.3% instead of growing by 0.8%.

The estimate for the first half of 2023 was also adjusted against the backdrop of a higher base in 2022 - output rose 2.2% year-on-year in H1 2023 instead of 2.6%.

Industry grew 2.6% year-on-year in January-July 2023.

Adjusted for seasonal and calendar factors, industrial output fell 0.1% in July 2023. It fell 0.2% in June and rose 0.7% in May.

Output rose in manufacturing, by 9.5% year-on-year in July and 11.8% in May, and 6.1% in 7M 2023.

Output fell in mineral extraction, by 1.5% in July following a drop of 2.0% in June; it fell 1.3% in 7M.

Output rose in energy utilities - electricity, heat and gas, steam and air conditioning - by 2.7 year-on-year in July and 2.2% in June, and 0.2% in 7M. Output also grew in in water utilities, by 8.0% in July and 3.1% in June, falling 3.7% in 7M.