Russia’s industrial output falls 9.6% on year

Russia’s industrial output falls 9.6% on year

Russia’s industrial output dropped 9.6% in May against a fall of 6.6% in April in annual terms, the Federal State Statistics Service said in a report.

It decreased 5.5% in May against a fall of 9.2% in April in monthly terms.

In January–May, Russia’s industrial output decreased 2.4% on the year.

Commenting on the Federal State Statistics Service’s data on industrial output, the Industry and Trade Ministry said that many Russian industries have clawed back some of the April fall and adapted to the new economic conditions.

"Following a 10% fall in April, contraction in the processing industry amounted to 7.2% in May (as compared with May 2019). Some sectors, especially those used to fight the coronavirus, obviously showed positive dynamics. The list of the industries includes production of medicines and medical equipment, of different types of chemical products, of metals products, and of some types of electronics and household appliances, and others," the ministry said.

In January–May, production of medicines and materials used for medical goals grew by 15.4% on the year, while output of some types of medical equipment almost tripled on the year and rose 26.8% on the month in May. Production of power converters rose by 22.8% on the year and by 54.3% on the month in May, the ministry said.

"That allows us to say that given all the negative factors that we have we still can say that the industry is coping well. We can say that a significant amount of production has adapted to the changes in conditions and has partially compensated a fall of output in April," the Prime news agency cited the ministry as saying.