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Ministry of Economic Development: Industrial Production Is Falling
September 5, 2015 11:06


Industrial production in Russia fell by 4.7 percent in July, as compared to the same month of last year.

At the same time, it increased to 2.3 percent, as compared to June 2015. The corresponding information is contained in the report of the Ministry of Economic Development. Due to the worsening expectations of the companies’ investment activity and the recovery of demand, the agency revised its forecast concerning the industrial production at the year end. The Economic Development Ministry believes that it will drop by 3 percent in 2015 (2.5 percent, according to the previous forecast).

According to the data of the Ministry, the production in mining operations is also growing (by 0.2 percent), as well as in production of electricity, gas and water (0.2 percent as well) and in the processing industries (by 0.1 percent). On August 28 the Ministry of Economic Development published the report showing that Russia’s GDP fell by 3.6 percent in January-July, as compared to the same period of last year.

Earlier, on April 21, the Prime Minister Dmitry Medvedev said that Russia had virtually no industry untouched by the sanctions. He also noted that the effects of international restrictions would be easier if the economy “had not accumulated a number of internal problems we had no time to solve”. Then Medvedev said that the measures of state support could smooth the decline in industrial production.


Author: Anna Dorozhkina

Tags: Industrial production     

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