In November, Russian industry showed the worst result over the last 8 years, the Federal State Statistics Service (Rosstat) reported on Friday, December 15.
According to the department, in November 2017, industrial production in Russia fell by 3.6% in the annual comparison after zero dynamics in October. Thus, the maximum rate of decline since October 2009, when the Russian economy was experiencing negative consequences from the global financial crisis, has been recorded.
Allegedly, such a significant failure can be explained by rapid growth rates in November 2016: then the volume of industrial production rose to 3.4% from 1.6% in October 2016.
This year, the decline in growth has been recorded in industries such as mining, manufacturing, energy, gas and water supply.
However, if we consider the indicators for 11 months of 2017, then, for example, oil production demonstrated zero dynamics, and gas production increased by 10.4%. Coal production has also increased (by 6.9%). The production of cars is increasing as well: in November the growth in this industry was 16.1%.
Nevertheless, the November indicators appeared to be significantly lower than the expectations of economists. So, the consensus projections, prepared by Russian media outlet Interfax, suggested an increase of 0.3%. The Ministry of Economic Development, in turn, projected a 2% growth in Russian industry in 2017, but the results of October and November make this projection almost unrealizable.
Reportedly, the economic growth in Ukraine in 2017 may exceed the projections of the NBU, promulgated in the inflation report for July 2017.