According to the results of 10 months of 2019, the industrial production index in the Russian Federation increased by 2.7% compared to the same period last year.
The largest contribution to the increase in industrial output is still provided by manufacturing industries (+ 2.0%), which in total increased in October to 3.7%. The main driver was the production of coke and petroleum products (+ 6.8%).
The growth in October was due to compensation for the drop in production in the summer months and the end of modernization at some large refineries. Gasoline production in October increased by 7%, and diesel fuel – by 6.8%.
The chemical complex (+ 8.1% g/g) and the food industry (+ 4.9% g/g) also contributed to the positive dynamics of the manufacturing industry. Also, the growth in the output of engineering products (+5.8% y/y) is continued.
The contribution to the increase in the industrial production index from the extraction of raw oil and associated gas in October fell by 1.3%. The main factor affecting production decline in this area is the fulfilment of the terms of the OPEC+ agreement.