Page 42 - RusRPTDec23

4.0 Real Economy 4.1 Industrial production
Industrial production data released on December 1 showed that growth slowed from 5.6% y/y in September to 5.3% y/y in November (consensus: 5.1%).
The contraction in mining eased to -0.1% y/y and manufacturing growth slowed from 10.9% to 9.5%. Rosstat reported a 0.4% SA m/m fall in overall industrial production last month, which continues a period of relatively sluggish performance at a time that supply constraints are biting.
4.2 Inflation
Consumer prices rose again in October to 6.7% y/y, according to the latest figures from Rosstat.
The rest of the economy is performing well thanks to the so-called military Keynesianism boost from massive war-spending, leading Prime Minister Mikhail Mishustin to declare “the worst is over” in September, but rising inflation remains the fly in the ointment.
42 RUSSIA Country Report December 2023 www.intellinews.com