Russia's industrial output growth picked up to 2.9 percent year-on-year in August 2019 from 2.8 percent in the previous month, beating market expectations of 2.2 percent. Output rose at a faster pace for: extraction of raw materials (3.1 percent vs 3.0 percent); production and distribution of electricity, gas (2.1 percent vs 1.7 percent); and distribution of water, sewage (4.1 percent vs 1.6 percent). Meanwhile, Manufacturing production rose at a softer 2.7 percent, compared to 2.8 percent in July. Industrial Production in Russia averaged 3.42 percent from 2000 until 2019, reaching an all time high of 17.70 percent in April of 2000 and a record low of -16.90 percent in January of 2009.
Industrial Production in Russia is expected to be 3.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Industrial Production in Russia to stand at 2.50 in 12 months time. In the long-term, the Russia Industrial Production is projected to trend around 3.20 percent in 2020, according to our econometric models.