Russia's industrial output rose 3.7 percent year-on-year in October 2018, accelerating from a 2.1 percent growth in the previous month and easily beating market expectations of 2.7 percent. Manufacturing production rebounded 2.7 percent (vs -0.1 percent in September) and extraction of raw materials expanded at a faster 7.4 percent (vs 6.9 percent in September). Meanwhile, water supply growth eased to 4.8 percent in October from 6 percent in the previous month and utilities output continued to contract (-3.2 percent vs -0.4 percent). Industrial Production in Russia averaged 3.46 percent from 2000 until 2018, 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 3.50 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 3.20 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.