No easing of depressed demand and output in Russia

BOFIT Viikkokatsaus / BOFIT Weekly Review 2015/39

Rosstat reports that the volume of seasonally adjusted retail sales was unchanged in July-August, i.e. the same as in the preceding half a year. Since March, retail sales have been down about 9 % y-o-y. The slide in fixed investment continued; investment has been down 7–8 % y-o-y since May.

Over the course of the summer, seasonally adjusted industrial output declined slightly, while differences between the main industrial categories have widened. Seasonally adjusted manufacturing output has contracted virtually every month this year. Manufacturing output in the course of this summer has been down about 7 % y-o-y.

In contrast, seasonally adjusted output of extractive industries turned to growth in July-August, also showing on-year growth. Since early this year, crude oil production has shown on-year growth due mainly to oil exports, which performed fairly well also in late summer. Production and exports of natural gas increased in late summer, ending a large slump that lasted about a year.

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