Russian Industrial Output Growth Nosedives In June 2008
Source: http://russiatooat.blogspot.com/2008/07/russian-industrial-output-growth.htmlPosted on Wednesday, July 16th, 2008 | In Russia
Russian industrial production rose in June at an incredibly low year on year rate of 0.9%, down from 6.7% in May, and the slowest pace in five and a half years as production of locomotives, cement and oil fell. The result was the slowest rate of growth since the Russian Statistical Service (Rostat) began calculating industrial production under a new methodology in 2003. Production dropped 1.4 percent from May.
Production of locomotives fell by 20 percent, while output of buses dropped by 16.6 percent, the service said. Cement production was down 13.5 percent and steel pipe output eased 4.3 percent. State orders for goods have lost momentum since government changes carried out in early May, when Vladimir Putin, appointed prime minister on May 8 after leaving the presidency, moved officials from the Kremlin into new administration roles.
Russia’s economy grew 8.5 percent in the first quarter. Annual investment growth averaged more than 20 percent in the first three months, spurring expansion in the construction and retail industries. ussian Railways, which operates the world’s longest train network, said in February that it is seeking to raise 325 billion rubles ($14 billion) in the next three years to help expand and upgrade its train network.
Manufacturing increased an annual 0.6 percent in June, compared with 10 percent the previous month, the service said. Mining and quarrying rose 0.6 percent, compared with growth of 0.1 percent in the previous month. Crude oil and gas condensate production fell 0.8 percent compared with a year ago. Electricity, gas and water output increased an annual 4 percent in June, compared with 2 percent in the previous month.
Last 5 posts by Edward Hugh
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longest train network, Oil, oil and gas condensate production, Production, retail industries, RUB, Russia, Russia, Russian Statistical Service, steel pipe output, train network, USD, vladimir putin
 About Edward Hugh (http://globaleconomydoesmatter.blogspot.com)
Edward Hugh is a macro economist, who specializes in growth and productivity theory, demographic processes and their impact on macro performance, and the underlying dynamics of migration flows. Hugh is a founding member and regular contributor to a number of economics weblogs, including Global Economy Matters, Demography Matters and a number of others. Edward 'the bonobo' Hugh is a Catalan economist of British extraction based in Barcelona. By inclination he is a macro economist, but his obsession with trying to understand the economic impact of demographic changes has often taken him far from home, off and away from the more tranquil and placid pastures of the dismal science, into the bracken and thicket of demography, anthropology, biology, sociology and systems theory. All of which has lead him to ask himself whether Thomas Wolfe was not in fact right when he asserted that the fact of the matter is "you can never go home again". He is currently working on a book with the provisional working title "Population, the Ultimate Non-renewable Resource". Edward also writes regularly for the demography blog Demography Matters. He also contributes to the Indian Economy blog . His personal weblog is Bonobo Land . Edward's website can be found at EdwardHugh.net. Edward follows in detail the Indian, Italian, Spanish, German and Japanese economies. He also has a more than a passing interest in the economies of Turkey and Brazil and in the emerging economies of Eastern Europe. |
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