Ministry says Russia’s industrial output Nov decline local

MOSCOW, Dec 19 (PRIME) -- Russia’s industrial output decline of 3.6% in November affected only certain industries and has a local character, the Economic Development Ministry said in a report Tuesday.

“The November statistics of industrial production turned out to be significantly worse than market expectations and forecasts of the Russian Economic Development Ministry… Estimates of the median growth pace in the processing industry also indicate that a fall in production in November affected a limited number of industries and is “local” in nature,” the ministry said.

The Federal State Statistics Service said earlier in December that the country’s industrial output fell 3.6% on the year in November after zero growth in October and increased 1.2% in January–November. Deputy Industry and Trade Minister Vasily Osmakov said later that the November fall was caused by a high base effect, an OPEC+ oil production cut agreement and warm weather.

End