Russia's industrial production rose 1.9% from November versus a year ago, up from 1.8% pace in October, its first growth acceleration in four months, bolstered by improvement in foreign sales

Cindy Allen

Cindy Allen

Dec 17, 2012 – Bloomberg LP

TALLINN, Russia , December 17, 2012 () – Russia’s industrial-production growth accelerated for the first time in four months in November as an improvement in foreign sales boosted manufacturing in the world’s largest energy exporter.

Output rose 1.9 percent from a year earlier, compared with 1.8 percent in October, the Federal Statistics Service said today in an e-mailed statement. That matches the median estimate of 15 economists in a Bloomberg survey. Industry grew 0.6 percent from the previous month, adjusted for seasonality and working days.

The “slight improvement” in output was probably driven by manufacturing, Vladimir Pantyushin, chief economist at Barclays Plc’s investment-banking unit in Moscow, said before the release, citing purchasing managers’ index data.

Russia, the largest emerging economy to raise borrowing costs in 2012, has managed to keep economic output near potential, helped by business sentiment, lending growth and low unemployment, the central bank said Dec. 10. Still, the Economy Ministry cut its forecast for 2012 industrial-output growth last week to 3.2 percent from 3.6 percent, citing a worsening external outlook.

Russia’s benchmark Micex Index has risen 4.7 percent this year, while the ruble has gained 4.4 percent against the dollar.

Manufacturing expanded for a 14th month in November, marking the strongest quarterly improvement since the first three months of 2011 after new export orders increased, HSBC Holdings Plc said Dec. 3.

Still, gross domestic product advanced 2.9 percent from a year earlier in the third quarter, the slowest pace since it began recovering at the start of 2010, as agricultural output and construction volumes shrank.

Electricity and gas production fell 2.6 percent from a year earlier in November, while manufacturing grew 4 percent and output at mines increased 0.3 percent, today’s data showed.

--Editors: Andrew Langley, Jeffrey Donovan

To contact the reporter on this story: Ott Ummelas in Tallinn at

To contact the editor responsible for this story: Balazs Penz at

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