Industrial production in Russia
Industrial production in Russia declines by 1.6 percent in February Thursday, 19 March 2015 17:27:37 (GMT+2)
Feb 2015: -1.6% year on year
The analysis of the number shows the decrease is due to decline in consumption. The output of minerals like oil and coal are flattish.
Russian trade numbers also show massive contraction in consumer demand.
I suspect the fall in the value of ruble has destroyed high value imports.
The Russian data is NOT bad at all. The economy is holding despite massive external problems.
I expected a sharp dip in the industrial production as a result of sanctions materializing with a lag (as import of engineering goods is affected). However that sharp dip has not happened so far. Which shows remarkable elasticity in Russian economy. I suspect that Russia is already substituting imports with a combination of locally produced and Chinese equipment. This is likely the reason. This shows large role China has started playing in the world economy today.
Industrial production in Russia declines by 1.6 percent in February Thursday, 19 March 2015 17:27:37 (GMT+2)
Feb 2015: -1.6% year on year
The analysis of the number shows the decrease is due to decline in consumption. The output of minerals like oil and coal are flattish.
Russian trade numbers also show massive contraction in consumer demand.
I suspect the fall in the value of ruble has destroyed high value imports.
The Russian data is NOT bad at all. The economy is holding despite massive external problems.
I expected a sharp dip in the industrial production as a result of sanctions materializing with a lag (as import of engineering goods is affected). However that sharp dip has not happened so far. Which shows remarkable elasticity in Russian economy. I suspect that Russia is already substituting imports with a combination of locally produced and Chinese equipment. This is likely the reason. This shows large role China has started playing in the world economy today.
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