Fastest growth since 2012. Manufacturing up 3.6%. Food production shows double digit growth.
This post first appeared on Russia Insider
Industrial Production grew by 2.8% year on year in September - the fastest pace since 2012 as the domestic economy shows strong signs of recovery.
The most important segment which reflects overall business conditions is the manufacturing segment which registered a 3.6% gain for the month. Within this, sanctioned sectors received some strong gains; cheese up 17%, fruit and vegetable juices up 25% and canned meat up 12%.
Elsewhere, strong gains in the metal space were probably spurred on by the start of the power of Siberia gas pipeline which will deliver at least 400 billion dollars of gas to China. Iron production was up 9.8%, steel pipes up 24% and other finished steel products up 5.3%
The result offsets August's poor data in which Industrial Production did not grow resulting in 1.5% growth for the third quarter and for the year to date measure.
The contrast is stark as Germany registered a 2.8% drop in its latest Industrial Production figures.
This post first appeared on Russia Insider
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