In Russia recorded a significant decline in industrial production for the half year

industrial output in Russia shrank in June 2020 by 9.4% yoy after a fall increased by 9.6% in may, according to the report of Federal service of state statistics.

However, in comparison with the previous month, industrial production in the country rose in June by 2.4% after a decline of 5.5% in may. With the exception of seasonal and calendar factors, the index fell in June by 1%.

For the first half of this year industrial production decreased by 3.5% in annual terms, and for the second quarter and 8.5% (after rising 1.5% in January—March).

Rosstat, in particular, said that in June the volume of mineral production fell by 14.2% yoy (year — on 5,2%), and the volume of output in manufacturing industries declined by 6.2% (for 6 months from the beginning of the year — 2.3%).

Recall also that by the end of 2019, the volume of industrial production in Russia increased by 2.4% by 2018, when the index rose 2.9%.

In late June, the head of Minpromtorg Denis Manturov in an interview with the newspaper “Vedomosti” did not rule out that industrial production in Russia by the end of this year could be reduced by 8.6%. As the Minister noted, in the underlying forecast of economic development in the current year is expected to decline in industrial production of about 5.2%, manufacturing industry — by 2.8%. “We coincide with the position of the Ministry of economic development. However, the decline in industrial production for the year could be stronger: 8.6% overall and 13.2% in the manufacturing sector,” said Minister of trade and industry.

According to him, the restoration of industry to the level of 2019 may 2021, but much depends on consumer demand, as well as further “behavior” coronavirus infection COVID-19 and associated with the pandemic restrictive measures.

let’s Add that the Russian economy in February—March 2020 year was under the powerful impact of two negative factors — the rapid spread of the pandemic coronavirus infection COVID-19 and its deleterious effect on the global economy and collapse in oil prices. Against this background, the rouble significantly depreciated against the dollar and the Euro. Reacting to the situation, the government and the Bank of Russia adopted several packages of measures to support the economy and citizens.

on 2 June Prime Minister Mikhail Mishustin briefed President Vladimir Putin a national plan for the recovery of the Russian economy in 2020-2021 years, noting in particular that the cost of the plan will amount to about 5 trillion roubles. On 19 June the head of state was sent the updated draft of the plan.

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