Industrial Production in Russia

Measures the change in the physical volume of Russia's industrial output. The headline aggregate published by Rosstat covers the whole of industry: mining and extraction (oil, gas, coal, metals), manufacturing, energy (electricity, gas and steam) and water.

Rosstat releases a monthly express note (around the 22nd-27th) with a preliminary index for the closed month. The headline is the year-on-year change (versus the same month a year earlier), alongside a non-seasonally-adjusted month-on-month figure.

One of the main gauges of Russian activity. Given the outsized weight of extraction, the series is highly sensitive to commodity prices, external demand and the geopolitical backdrop; a strong reading points to firmer momentum and tends to support the rouble.

The reading is preliminary and revised in later releases. The non-seasonally-adjusted monthly change is very volatile owing to strong calendar and seasonal effects (January typically drops sharply after December); the year-on-year rate is the better guide to the underlying trend.