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Russian Industry Grows At Fastest In Two Years

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Industrial Production grew by 2.9% on the year in October, and up 5.1% from September, blowing past forecasts for a 1.5% making it the fastest increase since November 2012.

All three sub-indices also increased vis-a-vis prior months indicating the broad based nature of the increase.

<figcaption>Chinese Gas Deals Creating "Piping Hot" Growth</figcaption>
Chinese Gas Deals Creating "Piping Hot" Growth

Extraction of energy grew by 1.9%, manufacturing grew by 3.6% and production of utilities grew by 2.8%. 

Domestic Manufacturing Is Entering A Bull Market

The biggest jump came from the effect of the Chinese gas deal with the start of the "power of siberia" pipeline continues to be felt with steel piping up 31%. 

Food sanctions showed even stronger effects in October as meat grew by 15%, fruit and vegetables by 5% and cheese and products by 18%. Elsewhere in the manufacturing segment textiles had a particularly strong month with leather goods 17%, coats 39% and dresses 30%. 

Construction materials showed strength as building blocks grew by 15%. Finally from utilities electricity increase by 1.6%. 


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