Russia's Industrial Output Grows at Slower Rate

July rate was 7.8% compared to 10.9% in June.

Built on strong manufacturing results, Russia's industrial output grew at 7.8% in July but it was down from 10.9% in June, according to official data as reported on Moscow News. June's high rate was the first double-digit gain since May of 2006.

Iron and steel output expanded 3.4% to 34.7 million metric tons, and electricity production increased 0.8% to 579 billion kWh, the country's top statistic bureau said.

Car production grew 10.1% in the reporting period to 714,000 vehicles, while TV set production demonstrated the largest growth (55.5%) among consumer goods.

Industrial output also rose 7.7% in the first seven months of this year, compared with a gain of 4.2% in the same period a year earlier.

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