Russian industrial production down

RUSSIA / FSU POLITICS - In Brief 19 Aug 2020 by Alex Teddy
On August 18 the Russian Statistic Agency published data showing that industrial output fell 8% in July Y o Y. That is not as bad as May and June 2020 when it was 9.5% down Y o Y.Oil, gas and coal extraction is down more sharply than industrial production. Oil was down 165 Y o Y in July. The trouble for Russia is that these minerals are its cash cow. Low oil production is partly due to OPEC+ agreement. The construction sector is less active than usual meaning brick and cement production is down. Consumer goods by contrast are doing well. Food production is almost where it was a year ago.

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