Page 64 - RusRPTApr24

4.0 Real Economy 4.1 Industrial production
Russian industrial production growth accelerated in February. According to Rosstat, industrial production growth accelerated in February to 8.5% y/y, after growing 4.6% in January, significantly exceeding analysts’ expectations and the market consensus forecast of 5.6%, according to Interfax, Renaissance Capital reported on March 28.
Adjusted for seasonality and the calendar factor (additional working day in February), growth compared to the previous month was 1.5% (after -0.2% in January and near-zero growth in 2H23).
The manufacturing industry continued to make a decisive contribution to the growth of industrial production (13.5% y/y in February after 7.5% in January), while the growth of the mining industry accelerated at a lower level (to 2.1% after 0. 8% y/y).
The sectors of the mechanical engineering complex (computers, electronics, optics, vehicles) and the metallurgical complex (production of metal products) continued to demonstrate advanced dynamics compared to last year.
The production of coke and petroleum products showed negative dynamics compared to last year. The growth of the manufacturing industry at the beginning of the year continued to be influenced by the growth of government spending, which accelerated in February.
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