Russian Industrial Production Jumps By 10.7%

Industrial production in March leapt by 10.7% from the previous month, the national statistics service said April 18.

On a 12-month basis, industrial production grew by 4.1% in March, while the first quarter figure was 3% higher than for the same period one year earlier.

Growth in Russian industrial production has slowed considerably, posting an increase of 4% last year following rates of 6.1% in 2004 and 7% in 2003.

In a report released on April 17, the World Bank said that Russian industry was hampered by restricted capacity in the energy sector, in particular by a lack of oil pipelines and investment in new wells. A rise in the value of the Russian ruble had also handicapped the manufacturing sector by making exports more expensive, the bank said.

In March, production from resource extraction activities was 10.3% higher than in February however. Manufacturing production soared by 15.3% but production of electricity and distribution of gas and water decreased by 4.7%.

Copyright Agence France-Presse, 2006

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