Rosstat reported a fall in industrial production in February by 2.7%

In February 2017, industrial production in Russia decreased by 2.7% compared to February 2016, according to Rosstat Saturday, March 18. During the first two months of the year drop compared to the same period last year amounted to 0.3%, as in January they recorded the growth of index of industrial production by 2.3%.

As writes “Interfax”, the annual dynamics of the industry in February is not significant because 2016 was a leap year and February had one day more. However, economists had expected a slowdown in the annual growth rate of only 1%, the Agency said.

With the exception of seasonal and calendar factors, in February 2017, industrial production fell by 1.5% in relation to January. The fall followed a rise of 0.7% in January relative to December.

The Agency notes that the Agency for the second consecutive month publish data on industrial production later than planned. Scheduled for March 16 publication of data on industrial production in February the Department suffered in connection with the introduction of the new classifier of types of economic activity NACE, and also because of failure (cable break) on the networks of Rostelecom, which provides the communication channels of the Main interregional centre of processing and dissemination of statistical information with all the territorial bodies of state statistics and Rosstat. The cliff led to the suspension of work on transmission and data processing more than a day, said “Interfax”.

On 27 February the head of the Ministry Maxim Oreshkin said that his office is preparing a new edition of the forecast of development of economy of the country by 2017. It involves the acceleration of growth of gross domestic product (GDP) to 2%. The current forecast for the MAYOR includes a baseline scenario, according to which the GDP in 2017, at an annual price of oil at around $40 per barrel will rise by 0.6%.

“Our updated forecast will be ready in late March, the current expectations that we have is around 2% growth. That is, we expect very good growth rates in the economy, we see increased activity,” said Minister of economic development Maxim Oreshkin on the sidelines of a Russian investment forum in Sochi.