Page 25 - RusRPTJan22

3.2 Macro outlook
The official CBR macroeconomic forecasts are here.
4.0 Real Economy 4.1 Industrial production
Russian industrial output growth eased to 7.0% y/y in November, down from 7.4% in October (revised upward from 7.1%). Adjusted for calendar and seasonal factors it was almost flat from the October level (up just 0.2% m/m). In 11m21, industrial output was up 5.2% y/y.
The slower y/y figure was attributable to lower growth of mining and quarrying (10.2% versus 11.1% in October). Among mining components coal (11.4%), services (32.7%) and oil and gas (8.9%) were the main drivers. Despite the additional non-working days in early November, manufacturing growth accelerated to 5.3% versus 5.0% in October. The supply of electricity gained 3.9%, versus 8.3% in October, while water supply climbed 10.0% y/y, versus 7.4%.
In the manufacturing subsector, double-digit growth was observed in electronics (up 33.5% y/y), printing and copying (25%), beverages (18.6%), paper and paper products (11.1%) and mineral products, which includes construction materials (10.6%) (this may indicate strong demand in the construction sector).
25 RUSSIA Country Report January 2022 www.intellinews.com