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Russia’s industrial production surges over 7% in April

Russia’s industrial production surges over 7% in April
Russia’s industrial production grew by 7.2% in April compared to the same period last year. It followed a rise of 2.3% in March, according to data from the Federal Service for State Statistics (Rosstat).

Output during the first four months of the year increased by 1.1% in annual terms. 

Statistics show that production in the mining sector last month decreased by 1.8% compared to last year, down 1.4% from the previous month. Mining production between January and April was down 5.7% in annual terms. 

Meanwhile, the manufacturing industry in April grew by 14.2% on an annualized basis after increasing by 5.4% in March.

“The high growth rates over the same period of last year are partly due to the fact that a number of enterprises limited production in April 2020 as a result of the imposed restrictive measures aimed at combating the coronavirus infection,” Rosstat said.

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“The decrease in volumes in the commodities sector totaled 1.8%. This is due to fulfillment of obligations to limit oil production under the OPEC+ deal and preventive maintenance work at infrastructure facilities in the oil and gas industry,” it added.

According to the head of the Ministry of Industry and Trade, Denis Manturov, there’s been a recovery in many sectors of the manufacturing industry since the beginning of the year.
“The auto industry is demonstrating very good growth rates of 13.7% in the first quarter and 41% in April,” he said.

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