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Russian industry shows no signs of entering sustainable growth — Central Bank

March 03, 21:11 UTC+3 MOSCOW
The formation of stable industrial growth traditionally depends on external conditions and takes time, which is necessary to complete the ongoing structural changes in the economy
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© EPA/FRANK RUMPENHORST

MOSCOW, March 3. /TASS/. The Russian industry shows no signs of entering trajectory of sustainable growth, the Central Bank said in a statement on Thursday.

"Putting aside the positive impact of the weather factor in January, it should be recognized that industrial production is still far from achieving a sustainable growth. Although there is no deterioration of the situation either," - the regulator said.

The formation of stable industrial growth traditionally depends on external conditions and takes time, which is necessary to complete the ongoing structural changes in the economy, the regulator said

According to Russia’s Federal Statistics Service, in January 2016, industrial production increased by 0.4%. The Central Bank notes that net of seasonal factor the production grew by 0.6%, according to the document.

A slight increase in industrial output, taking into account the seasonal factor, has been observed for the second month in a row. However the dynamics of growth varied for different types of industry.

In January 2016, the processing sector showed a slight decrease, while in December 2015 the processing sector accounted for most of the growth in overall index of industrial production. The main factor in the growth of industrial production in January was the production and distribution of electricity, gas and water, the Central Bank said.

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