Russia’s industrial production to remain at 2019 level in 2020

Russia’s industrial production to remain at 2019 level in 2020

Russia’s industrial production may decline by 4-5% by the end of 2020 if the June dynamics persists, or even remain roughly at the level of 2019 unless a second coronavirus wave occurs, Industry and Trade Minister Denis Manturov said.

"As far as full-year results are concerned, if the June and, hopefully, July dynamics persists in the second half of the year I expect a slight decline of 4-5% (in industrial production), or roughly the result of last year unless a second wave of the pandemic occurs," TASS cited him as saying.

According to the projections provided by the Economic Development Ministry, industrial production will decrease by 5.4% in 2020. Russia’s national statistics service said earlier that industrial production dropped by 9.4% in June 2020 in annual terms following a 9.6% decrease in May and a 6.6% decline in April. The drop in 1H amounted to 4.5% compared with the same period last year.

Russia’s manufacturing continued recovery in June amid lifting of lockdown restrictions, with the most notable dynamics improvement reported by consumer goods production, according to the Economic Development Ministry.

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