In Russia has slowed the growth of industrial production

The volume of industrial production in Russia increased in July 2019 2.8% yoy after rising increased by 3.3% in June, to the report of Federal state statistics service.

In comparison with the previous month, industrial production in the country has decreased over the reporting period by 0.7% (after growing by 2.3% in June), and with the exception of seasonal and calendar factors — by 0.4%.

For the first 7 months of this year industrial production increased by 2.6% in annual terms.

Rosstat says that in January—July volume of production of minerals has increased at an annual rate of 3.9%, while the volume of output in manufacturing industries by 2%.

Recall also that by the end of 2018, the industrial production in Russia increased 2.9% compared to the previous year, when the index rose 2.1%.

We will add that Russia’s economy in the II quarter of 2019 were up 0.9% yoy after rising 0.5% in January—March this year. At the end of the first half of 2019, the economic growth amounted to 0.7%.

Earlier in the Ministry of economic development (MED) of the Russian Federation assessed the economic growth in the I half of also 0.7% in annual terms, it was suggested that in the April—June GDP will grow by only 0.8% in annual terms. Moreover, the Ministry stated that in April—June “GDP continued to show weak dynamics.”

Note that the MAYOR expects economic growth of the country by the end of 2019 at 1.3% after rising 2.3% in the past year. However, the Bank of Russia had previously lowered its forecast for the growth rate of GDP in 2019 — with a 1.2-1.7% to 1-1,5%.

Meanwhile, the Institute “development Center” HSE has previously presented the results of a survey of Russian and foreign economists, who have revised downward the forecast of growth of Russian GDP in the current year to 1.1% from expected in April at 1.3%. The experts doubt that the economy will be able to “warm up” to a level close to 3%.

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