According to the data published by Rosstat (Russian Statistics agency – RRT), industrial production in Russia continued to decline in July. While the decline in industrial production in the first half of the year was 2.7% compared to the same period of the previous year, adding July makes the drop the whole 3% comparing to the first seven months of 2014.
In July, industrial production fell by 4.7% comparing to last year’s figure (a drop in production in June was 4.8% compared to June 2014). Compared with June 2015, this figure actually rose by 2.3%, while taking into account seasonal and calendar factors, industrial production in July has not changed in relation to the June figure.
Record figures for 2015 fall in industrial production were recorded in May. That month the decline of this indicator was 5.5% compared with the same month in 2014.
As previously reported by RBC, analysts surveyed by Bloomberg believe that in the next 12 months the ruble revenue of 50 companies from the MICEX index will decline by 17%, while foreign currency revenue will drop by 25%. Experts also increased the forecasted decline of the Russian economy this year and believed that its growth will resume no earlier than the second quarter of 2016. The average estimate of 40 analysts indicate that Russia’s GDP in 2015 is likely to decrease by 3.6% and in 2016 will grow by 0.5%.