Russian Industrial Output Growth Rebounds in March

Industrial production in Russia rose by 1.9% year-on-year in April 2026, surpassing market expectations of a 1.6% increase but easing from a 2.3% gain in the previous month. Still, the latest figure marked the second consecutive month of growth, largely driven by increased production in the manufacturing sector, which grew 3.1% from 3% in March. Output mainly increased in the manufacture of transport equipment (57.4% vs 32.6%), fabricated metal products, except machinery and equipment (23% vs 0.8%), and basic pharmaceutical products and preparations (15.4% vs 15.9%). In addition, activity rose for electricity, gas, steam, and air conditioning supply (0.9% vs 0.1%) and water supply, sewerage, waste management and remediation services (0.9% vs -2.4%). Meanwhile, output declined for mining and quarrying (-0.4% vs 1%). On a monthly basis, industrial activity dropped by 4.1%, reversing a 12.4% rise in March.

Russia’s industrial output rose by 2.3% year-on-year in March 2026, rebounding from a 0.9% decline in February and surpassing market expectations of a 0.9% gain. Output rebounded for manufacturing (10.2% versus -8.4%) and increased slightly for mining (1.0% versus 0.9%). In turn, production growth slowed for the provision of utilities and air conditioning (0.1% versus 3.6%) and further decreased for water supply, sanitation, waste collection and disposal, and pollution control (-2.4% versus -2.1%). On a seasonally adjusted monthly basis, production grew 12.4%. For the first quarter of 2026, output increased by 0.3% compared to the same period as last year.

Russia’s industrial output fell 0.9 percent in February 2026, following a 0.8 percent decline in January, missing expectations for a 1.1 percent rise. Manufacturing activity dropped 2.8 percent after a 3 percent fall the previous month, while extraction of raw materials rose 0.9 percent, up from 0.5 percent. Industrial production for the first two months of the year was down 0.8 percent. Growth in Russia’s industrial output slowed to 1.3 percent in 2025, compared with a 5.1 percent increase in 2024. The Economy Ministry forecasts a 2.3 percent rise in industrial output for 2026 and plans to update its projections in April.