The decline of industrial production in Russia accelerated sharply in may

industrial production in Russia has decreased in may 2020 9.6% yoy after declining 6.6% in April, according to the report of Federal service of state statistics.

However, in comparison with the previous month decline in industrial production in the country slowed to 5.5% after a decline of 9.2% in April. With the exception of seasonal and calendar factors, the index fell in may by 1.3%.

For the first 5 months of this year industrial production decreased by 2.4% in annual terms.

Rosstat, in particular, specifies that in may the volume of mineral production fell by 13.5% yoy (YTD — 3.4%), and the volume of output in manufacturing industries fell by 7.2% (for 5 months from the beginning of the year — 1.4%).

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%.

let’s Add that the Russian economy in February—March 2020 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.

may 11, Russian President Vladimir Putin announced the end of may 12, a single period of days off, entered March 30, in the fight against COVID-19. He also announced the beginning of implementation of the third package of anti-crisis measures, under which the state, in particular, will increase targeted support for families with children, small businesses, individual entrepreneurs and self-employed. In addition, Putin instructed the government to prepare a national plan for long-term development of the economy, the recovery in employment and incomevillages.

on 27 may, the Minister of economic development (MED) of the Russian Federation Maxim Reshetnikov said that the total cost of anti-crisis measures to support the Russian economy, aimed at combating the impact of the pandemic coronavirus has reached 3.3 trillion rubles.

on 2 June Prime Minister Mikhail Mishustin presented to the President a national plan for the recovery of the Russian economy in 2020-2021 years, noting in particular that the cost of the plan will be about 5 trillion rubles.

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