The industrial production index stepped up by no more than 1.6 percent on year in October vs. the September advance of 6.3 percent and the August increase of 4.7 percent.
Photo: Andrey Serebryakov
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Industrial Growth Down in October
The industrial production index stepped up by no more than 1.6 percent on year in October vs. the September advance of 6.3 percent and the August increase of 4.7 percent, Russia’s federal statistics authority Rosstat reported Tuesday.
The industrial production stepped up 5.0 percent in Russia in the first ten months compared with the 6.5 percent increase in January through October of 2007, including October growth of 6.0 percent. The slowdown is blamed on decline in demand in metallurgical, chemical and construction material industries.
To some extent, Russia’s refineries managed to sustain the processing sector of country’s economy. The oil export isn’t so profitable now due to the global collapse of oil prices, and the oilmen tend to supply more crude to local refineries. As a result, primary processing of crude oil soared 8.5 percent in October (4.2 percent during 10 months), petrol production grew 11.5 percent (1.5 percent), and diesel fuel output gained 11.1 percent (4.6 percent).
Overall, the processing industries crawled up 2.0 percent in October vs. the September pace of 8.2 percent (7.1 percent in the first ten months).
Mining operations grew 0.8 percent in October vs the September increase of 3.2 percent and the 10-month growth of 0.5 percent. Oil and gas condensate production lowered to 406 million tons from January through October, having sunk 0.6 percent on year. Production of electric energy reached 851 billion kWh in the first ten months of this year, having shown the annual growth of 4.1 percent, including the October increase of 2.6 percent.
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