Russia's industrial production rose 2.8 percent from a year earlier in July 2019, following a 3.3 percent growth in the previous month and below market expectations of a 3 percent gain. Output advanced at a softer pace for manufacturing (2.8 percent vs 3.4 percent in June) and electricity, gas steam, air conditioning (1.7 percent vs 2.5 percent). In contrast, extraction of raw materials grew 3 percent, up from 2.3 percent in the previous month. Also, water supply, sewage rebounded (1.6 percent vs -1.8 percent). On a monthly basis, industrial production shrank 0.7 percent, after rising 2.3 percent in the preceding month. Considering the first seven months of the year, industrial activity advanced 2.6 percent over a year ago. Industrial Production in Russia averaged 3.42 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 2.50 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.