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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.

Wednesday, June 18, 2008

Russia Industrial Output May 2008

Russian industrial outpur rose at a slower pace in May id did in March, when output hit a nine-year high. Month on month oil companies produced less crude and exporters were constrained by the impact of a stronger ruble.

The annual rate of inctrease fell to 6.7 percent from 9.2 percent in April, the Moscow-based Federal Statistics Service said today. Month on month production was down 1.9 percent on April.

The ruble gained an inflation-adjusted 2.9 percent gain against a basket of currencies, making exports more expensive. Oil and gas condensate output fell by 1 percent on the month, while mining and quarrying rose by 0.1 percent, compared with 0.4 percent the previous month.

Manufacturing increased an annual 10 percent in May, compared with 14.5 percent the previous month. Electricity, gas and water output increased an annual 2 percent in May, compared with 0.2 percent in the previous month.

The construction sector grew 28.3 percent in the first quarter.

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