Russia Industrial Output Declines

Industrial production in Russia declined by 0.7% year-on-year in May 2026, reversing a 1.9% gain in the previous month. Output declines were recorded in mining, extending a decline to 2.7% from 0.4% in the previous month, followed by weakened activity in the provision of electricity, gas and steam, air conditioning (-2.2% vs 0.9%) and water supply, sanitation, waste collection and disposal, pollution control activities (-3.4% vs 0.9%). Manufacturing growth slowed sharply, increasing only 0.5% compared to 3.1%. On a seasonally adjusted monthly basis, industrial production declined 0.8% in May, following an increase of 0.3% in the prior period.

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.