Although negative growth is characteristic of Russian industry in the beginning months of the year, the drop at the beginning of this year was the most pronounced in the last three years.
Photo: Nikolay Cyiganov
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Industry Takes a Vacation
According to Rosstat, the federal statistics service, industrial production in January 2008 was up 4.8 percent over the figure for January 2007, continuing the positive tendency of the last few months of 2007. Official forecasts corresponded to expectations. Interfax compiled economists' predictions to come up with its an advance figure of 4.9 percent.
Compared to December 2007, however, production in January fell by 14.1 percent. Although negative growth is characteristic of Russian industry in the beginning months of the year, the drop at the beginning of this year was the most pronounced in the last three years. In January 2007, industrial growth compared to the previous month fell 11.7 percent. In January 2007, mineral extraction fell by 1.8 percent and production and distribution of electricity, natural gas and water by 0.2 percent (because of the unusually warm winter), but manufacturing slumped by 17.9 percent.
In the first days of January 2008, indicators remained practically unchanged. Mineral extraction fell only by 1.7 percent from December, and production and distribution of electricity, natural gas and water increased by 3.3 percent (this winter is significantly colder than last year's). But manufacturing was reduced by 22.6 percent. Only the production of lathe-cut veneer was up – by 50.3 percent – and of bags, by 36.3 percent.
“Although formally there were as many working days in January of 2008 as in January 2007 – 17 – people turned the January holidays into a complete vacation. Uninterrupted production was mush lower,” explained Vladimir Salnikov of the Center for Macroeconomic Analysis and Short-Term Forecasting, referring to this year.
www.kommersant.com
All the Article in Russian as of Feb. 18, 2008
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