Russia Industry Grows for First Time in a Year on War Production
- Industrial output grew by 1.2% vs expectation of slump of 1.4%
- Military-related sectors show double-digit output growth
A destroyed Russian T-80 tank, its turret blown upside down, sits on a former frontline in Bogorodychne, in the Donbas region of eastern Ukraine, in Feb. 2023.
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Russian industry unexpectedly rebounded for the first time in a year, as sectors associated with military production delivered strong performances amid rising spending on the invasion of Ukraine.
Industrial production was up 1.2% in March from a year earlier, according to the Federal Statistics Service, well ahead of the 1.4% decline expected in a Bloomberg survey of economists. Mining and resource extraction were down 3.6% but the agency didn’t break out data for oil production, unlike in past releases.