Russia’s manufacturing sector drives 5.6% y/y industrial output…

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Oct 25 (Reuters) – Russia’s industrial output rose 5.6% in September compared with a year ago, a faster pace than the 5.4% growth seen in August, the state statistics service said on Wednesday, as Moscow continues to invest heavily in manufacturing.
Russia is pouring fiscal resources into the defence sector, ramping up production of military supplies that is supporting wider economic growth, while pulling funds away from other areas of the economy. In 2024, defence spending will account for almost one third of Russia’s total budget expenditure, as Moscow diverts ever more resources towards prosecuting its war in Ukraine.

Analysts polled by Reuters had expected a 5.8% increase in industrial output year-on-year in September. The manufacturing sector posted growth of 10.9% in September, compared with a year ago, with industries relating to water supply and waste management also seeing growth, Rosstat said.
The energy sector’s output was 3% lower year-on-year but up slightly on August’s reading. The mining sector also saw a slight drop in output compared to September 2022. In month-on-month terms, output in September was up 1%, down from a 2% monthly increase in August.

When excluding seasonal factors, output was up 0.3% month-on-month, compared with a 0.3% fall in August. Industrial output was up 3.3% year-on-year in January-September and 5.3% higher in the third quarter, the data showed. Rising military production and huge state spending are keeping Russia’s industry buzzing along, công ty xây dựng Tây ninh helping to soften the economic impact of Western sanctions and allowing Moscow to plough on with its campaign in Ukraine.

Rosstat provided the following headline data and sector breakdown: Headline industry output Sept 23 Aug 23 Sept 22 yr/yr pct change +5.6 +5.4 -2.0 mth/mth pct change +1.0 +2.0 +0.8 Extraction of raw materials yr/yr pct change -0.7 -1.2 -1.6 mth/mth pct change -0.6 +0.7 -1.1 Manufacturing yr/yr pct change +10.9 +10.3 -2.2 mth/mth pct change +2.0 +2.8 +1.4 Production and distribution of electricity, gas yr/yr pct change -3.0 +2.1 -1.5 mth/mth pct change +0.8 +3.1 +6.1 Distribution of water, sewage yr/yr pct change +0.3 +2.3 -4.8 mth/mth pct change +1.5 +2.1 +3.5 NOTE – For key Russian indicators click here.

(Reporting by Darya Korsunskaya and Alexander Marrow Editing by Gareth Jones)

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