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Industrial slump due to poor metallurgy, chemistry

December 17, 2013, 17:52 UTC+3 17
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MOSCOW, December 17 (Itar-Tass) - Russian presidential economics adviser Andrey Belousov has noted negative dynamics in industrial production in Russia and blamed it on the poor performance of metallurgy and the chemical industry.

Belousov described statements to the effect the completion of work at the Sochi Olympic construction sites would lead to a slump in demand for construction materials big enough to send industrial production statistics into the red zone as “a sophisticated twist of mind.” He said people who were saying things like that “are not aware of how many goods the Olympics consume” and assured the Games would hardly affect economic conditions.

According to the Russian Federal Statistics Service, industrial production decline last November accelerated year-on-year to 1 percent against 0.1 percent in October. In month-on-month comparison, industrial production fell 0.4 percent in November after 3.4 percent growth a month earlier.

Year-on-year decline recorded in November was the deepest since last May - 1.4 percent. Over January-November 2013 industrial production fell 0.1 percent year-on-year after being unchanged in January-October.

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