Russian industrial production growth to decrease by half
The Russian Federation's Ministry of Economic Development projects that the country's industrial production growth rate would be cut in half by 2025, dropping to up to 2%.
Source: RBC (Russian Business Consulting), a Russian news outlet
Details: Manufacturing, which contributes for more than half of the general industrial index, is predicted to decrease the most, falling from 7% growth in 2024 to 2.9% in 2025.
Individual industries may see various decreases in growth rates, including the manufacturing of completed metal items, computers and electronic products, and "other" vehicles and equipment.
The electronic industry's output increased by 36.2% in 2023 and is predicted to increase by 29.7% in 2024 as a result of consistent demand and state programs. However, the growth rate will fall to 2.5% in 2025 before steadily rising to 6.8% in 2027.
Production of finished metal products increased by 28% in 2023 and is predicted to increase by 30.9% in 2024. In 2025, the rate will decline to 4.3%, and it will never reach 5.2% again.
Electrical equipment manufacturing increased by 21% in 2023, but is expected to drop to 7.2% in 2024 and 2.8% in 2025.
Background:
- Jira, Slack, Trello, and more companies are leaving the Russian market owing to sanctions.
- On 13 September, the Central Bank of the Russian Federation raised the key rate for the eighth time since July 2023, when it was 7.5% per year.
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