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Industrial production growth in Russia rose to 4.7% in August

September 24/2021

MOSCOW (MRC) - In August 2021, industrial production in the Russian Federation increased by 4.7% compared to August 2020, the Federal State Statistics Service (Rosstat) said in a statement.

In July 2021, according to revised data, growth was 7.2%. An increase of 6.8% was previously reported. Compared to July this year, industrial production increased by 1.2%. In January-August, industrial production grew by 4.5%.

In May 2020, there was the peak of the fall in the industry - it fell by 7.8% versus May 2019 after falling by 4.4% in April 2020. In June 2020, the decline in industry slowed down to 6.7%, in July - to 5.7%, and in August - to 4.0%. Therefore, economists expected a slowdown in the annual growth rate of industrial production in August to 5.5% from 6.8% in July, 10.2% in June and 11.9% in May.

The consensus forecast for the dynamics of industrial production for 2021 has not changed compared to the survey a month ago and is 4.6%. The Ministry of Economic Development and Trade in September significantly raised the forecast for the growth of industrial production in 2021 - up to 4.2% from 2.0% (including due to a faster rebound in the extractive industry). The forecast for industrial growth for 2022 has been reduced from 3.6% to 3.3%, for 2023 - from 2.9% to 2.4%, for 2024 - from 2.7% to 2.2%.

Industrial production increased by 0.5% to the "dock" July 2019 after increasing by 1.1% in July, according to Rosstat. In January-August 2021, the industry grew by 1.9% compared to January-August 2019.

The growth of industrial production in August 2021 compared to the period before the start of the COVID-19 pandemic was 0.5% (August 2021 to August 2019). At the same time, manufacturing industries increased production volumes compared to the same period in 2019 by 3.9%, the energy sector - by 3.2%, industries related to water supply and sewerage, waste disposal and pollution elimination - by 12.7%.

Among the manufacturing industries, the largest growth in the index versus August 2019 was shown by: the production of medicines and materials used for medical purposes - (+ 64.9%), the production of beverages - (+ 25.7%) and furniture - (+ 24.2 %).

Earlier it was reported that in July 2021, industrial production increased by 6.8% compared to the same period last year.
Author:Anna Larionova
Tags:petrochemistry, Russia.
Category:General News
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