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Bank Rossii Eases Further As Russia's Economy Contracts At A Record Rate

The ECB's Balance Sheet At A Glance.

Monday, November 19, 2007

Russian Industrial Output October 2007

From Bloomberg today:

Russian industrial production growth accelerated in October as output of construction cranes and other manufactured goods increased.

Output grew an annual 6.1 percent, compared with 3 percent in September, the slowest pace this year, the Moscow-based Federal Statistics Service said in an e-mail today. The performance confirms comments last week by the Economy Minister's chief forecaster Andrei Klepach and was above the 4.2 percent median estimate of 19 economists surveyed by Bloomberg.

The world's biggest exporter of crude oil and natural gas is trying to boost manufacturing and high-tech industries to become less dependent on revenue from energy sales. The government wants to double the size of the $1 trillion economy, the world's 10th biggest, by 2020.

In the month, output rose 7.4 percent, compared with a decline of 0.2 percent in September. Manufacturing expanded an annual 9 percent, up from 4 percent in the previous month.

Production of cranes on caterpillar tracks rose an annual 66.7 percent and industrial diesel locomotives rose 61.5 percent. Meat production was up 51.1 percent.

Electricity, gas and water output decreased an annual 0.1 percent, compared with an increase of 4.1 percent in September. Mining and quarrying grew 1.4 percent in October, faster than the 0.2 percent pace of the previous month.

Industrial output expanded 6.5 percent in the first 10 months compared with a year earlier.

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