Russian industrial output growth continued to show signs of weakness in July after expanding at the slowest pace in five and a half years in June. Industrial output increased at a 3.2 percent annual rate compared with 0.9 percent increase in June, according to data from the Federal Statistics Service earlier today. The June result was the slowest rate of growth since the service began calculating data under new methodology in 2003. Month on month output was up 3.3 percent from June.
Manufacturing increased an annual 4.6 percent in July, compared with 0.6 percent the previous month. Cement production dropped 8.2 percent. Mining and quarrying fell 1.8 percent, compared with growth of 0.6 percent in the previous month. Crude oil and gas condensate production fell 1.9 percent compared with a year ago. Electricity, gas and water output increased an annual 5 percent, compared with 4 percent in the previous month.
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