Russia's industrial output sees slow rise
Source: Bloomberg News |
January 24, 2013, Thursday
|
Print Edition
Print Edition
RUSSIAN industrial output unexpectedly slowed in December to the weakest pace in eight months, showing the slumping economy failed to pick up speed last quarter.
Output at factories, mines and utilities rose 1.4 percent from a year earlier, the slowest pace since April, compared with 1.9 percent in November, the Federal Statistics Service in Moscow said yesterday in an e-mailed statement. The median estimate of 17 economists in a Bloomberg News survey was for a 2 percent advance.
Industrial output in the world's largest energy exporter is stabilizing at weak levels as the economy cools, the central bank said this month. Stagnating output may support the government's calls for monetary stimulus and cheaper money to boost growth, which was the weakest in the third quarter on an annual basis since the recovery from a recession began in 2010.
"With the important exception of oil, external demand is weak," Jacob Nell, chief economist for Russia at Morgan Stanley in Moscow, said by e-mail. "Fears of a return of a second wave of the crisis are keeping domestic consumers and businesses cautious."
Economic growth slowed to 2.4 percent in the fourth quarter compared with the same period a year earlier from 2.9 percent in the July-September period, according to the median estimate of 15 economists in a Bloomberg News survey. The government should seek to increase growth to a stable 5 percent pace, Russian Prime Minister Dmitry Medvedev said last week.
Bank Rossii removed guidance from its interest-rate statement this month, a sign that it may either raise or lower borrowing costs as soon as February, according to First Deputy Chairman Alexei Ulyukayev.
The central bank doesn't think monetary easing is appropriate to boost the economy now, while Cabinet officials, including First Deputy Prime Minister Igor Shuvalov and Finance Minister Anton Siluanov, have called for lower borrowing costs to jump-start growth.
Natural-resource output rose 0.2 percent from a year earlier in December, while manufacturing growth eased to 1.5 percent from 4 percent in November, the statistics service said.
Output at factories, mines and utilities rose 1.4 percent from a year earlier, the slowest pace since April, compared with 1.9 percent in November, the Federal Statistics Service in Moscow said yesterday in an e-mailed statement. The median estimate of 17 economists in a Bloomberg News survey was for a 2 percent advance.
Industrial output in the world's largest energy exporter is stabilizing at weak levels as the economy cools, the central bank said this month. Stagnating output may support the government's calls for monetary stimulus and cheaper money to boost growth, which was the weakest in the third quarter on an annual basis since the recovery from a recession began in 2010.
"With the important exception of oil, external demand is weak," Jacob Nell, chief economist for Russia at Morgan Stanley in Moscow, said by e-mail. "Fears of a return of a second wave of the crisis are keeping domestic consumers and businesses cautious."
Economic growth slowed to 2.4 percent in the fourth quarter compared with the same period a year earlier from 2.9 percent in the July-September period, according to the median estimate of 15 economists in a Bloomberg News survey. The government should seek to increase growth to a stable 5 percent pace, Russian Prime Minister Dmitry Medvedev said last week.
Bank Rossii removed guidance from its interest-rate statement this month, a sign that it may either raise or lower borrowing costs as soon as February, according to First Deputy Chairman Alexei Ulyukayev.
The central bank doesn't think monetary easing is appropriate to boost the economy now, while Cabinet officials, including First Deputy Prime Minister Igor Shuvalov and Finance Minister Anton Siluanov, have called for lower borrowing costs to jump-start growth.
Natural-resource output rose 0.2 percent from a year earlier in December, while manufacturing growth eased to 1.5 percent from 4 percent in November, the statistics service said.
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