Page 39 - RusRPTDec22

4.0 Real Economy 4.1 Industrial production
The decline in industrial output deepened in September. Production of mining and quarrying industry contracted by 2% y/y. While crude oil output was up slightly, growth slowed to just 0.5% in September. Production of all other major mining products contracted. The drop was led by lower output of natural gas, which was down by 26% y/y (not including LNG). The drop in manufacturing output accelerated in September to 4%.
Agriculture and construction continued to prop up the economy in September. Agricultural output rose by 7% y/y, while construction, despite some cooling, was still up by 6% y/y in September. Housing construction activity, however, slipped into decline in September, falling by 8% y/y.
In July-September freight traffic decreased by almost 6% and production in the processing industry shrank by 2%. In contrast, agricultural production grew by 6%, buoyed by a good harvest. Growth in construction was also strong, almost 7%. Construction has been supported in many ways, e.g. with subsidised loans.
39 RUSSIA Country Report December 2022 www.intellinews.com