"Russian industrial production unexpectedly shrank for the first time in three months, reflecting a slump in foreign demand and weak domestic spending.
Output at factories, mines and utilities declined 1.4 percent in May from a year earlier after a 2.3 percent increase in April, the Federal Statistics Service in Moscow said today in an e-mailed statement. The median estimate of 22 economists in a Bloomberg survey was for a 0.6 percent increase.
Struggling industry suggests sluggish growth is extending into the second quarter after the $2 trillion economy of the world’s biggest energy exporter expanded in the first three months at the weakest pace since a slump ended in 2009, with mining and utilities output contracting on an annual basis. That’s hurt valuations of steelmakers including Evraz Plc (EVR), Russia’s biggest, which has plunged 55 percent this year in London while OAO Severstal (SVST) has lost 42 percent."
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