The fall of industrial production in Russia in October slowed to 3.6%

Moscow. November 17. Industrial production in Russia in October 2015 dropped by 3.6% compared with October 2014, after falling 3.7% in September, 4.3% in August, 4.7% in July, 4.8% in June, 5.5% in may, 4.5% in April, 0.6% in March, 1.6% in February and rising by 0.9% in January, said Tuesday Rosstat.

The decline in industry in October was better than expectations of economists, who had forecast a decline by 4.1% (according to the consensus forecast compiled by Interfax).

However, with the exception of seasonal and calendar factors, industrial production in October has returned to negative values (-0.1 per cent) after the first six months of growth recorded in September (+0,6%). If in September there were as many working days as in the corresponding month last year, in October – one less.

In January-October of 2015 the industrial output in Russia fell by 3.3% compared with the corresponding period of 2014. This corresponds to the forecast of Ministry of economic development according to the results of the current year.

The situation in industry in October continued to support the mining sector, which grew by 1.4% in annual terms, after rising 0.8% in September and August (for 10 months an increase of 0.4%).

Manufacturing sectors continue to show significant declines, compared to September has increased slightly to 5.9% compared to 5.4% (for 10 months – a fall of 5.3%).

Production and distribution of electricity, gas and water decreased in October by 3.6% after 2.6% in September (for 10 months – a drop of 1%).

Gas production in October rose by 7.6% after rising 4.1% in September (for 10 months – a fall of 3.9%), oil – by 0.5% (for 10 months – an increase of 1.3%), coal at 6% (an increase of 5.5%).

Electricity production in Russia in October 2015 declined by 0.6% (in 10 months growth on 0,8%), heat – dropped 6.8% (down 4.1%).

The consensus forecast of economists prepared by Interfax at the end of September, the fall of industrial production for 2015 is equal to 3.3%.