Page 40 - RusRPTAug23

4.0 Real Economy 4.1 Industrial production
According to Rosstat, in May 2023 industrial production in Russia rose by a massive 7.1% Y/y. While the extraction industry posted a moderate growth of 1.9% Y/y, the manufacturing sector came out as the growth leader with a rate of 12.8% Y/y. Utilities have seen a decline in output by 1.1% Y/y – mostly due to warmer weather in May of the current year. Among major segments of manufacturing the biggest growth was seen in the automotive industry which posted a rise in output by 11 times Y/y and 1.6 times MoM.
40 RUSSIA Country Report August 2023 www.intellinews.com