Economic Development Minister Elvira Nabiullina counts on continuation of industrial growth.
Photo: Ñâåòëàíà Ïðèâàëîâà
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Stagnation Retreated
Russia’s industrial output stepped up 4.7 percent in August vs. 3.2 percent in July and just 0.9 percent in June. The analysts say the growth is back to the trend indicators but still behind the industrial pace of the spring of 2007.
At the yesterday’s sitting of Government’s Presidium, Economic Development Minister Elvira Nabiullina reported the industry’s state in August. Russia’s statistics authority Rosstat will release the first official indicators only today, but Nabiullina already declared the revivial of positive movement.
According to the minister, the growth pace went down to 0.9 percent in June but stepped up 3.2 percent in July and soared 4.7 percent on year in August despite that usually August is by far not the most advantageous month for the industry. The eight-month increase was 5.3 percent. “The indicators of industrial growth are recovering,” Nabiullina concluded.
The performance of processing industries appears particularly promising. It went up 6.5 percent in August vs. 4.6 percent in July, posting the eight-month increase of 7.6 percent, i.e. above the industry’s average. What’s more, extractive industries manifested the annual increase of 0.7 percent vs. the July drop of 1.8 percent.
To a certain extent, the economic analysts attribute the growth to the so-called effect of the base. According to Alexei Morozov from HSBC, industrial production slowed down from 10.3 percent in July of 2007 to 3.7 percent in that year's August, which affected the results of August of 2008. As to the increase in the output of extractive industries, the reason could be the launch of LUKOIL’s new field – Khylchuya.
www.kommersant.com
All the Article in Russian as of Sep. 16, 2008
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