The Russian daily Nezavisimaya Gazeta reported on Oct. 1 that official statistics from Rosstat, and economists, indicated that industrial production had fallen by 0.9% in August, the fourth straight month showing a drop, according to an article published by RT. This occurred despite the strong performance of the defense-related component of industrial production.
“According to the report, production had started to slow even before the sharp depreciation of the ruble in July and the ensuing key-interest-rate hike by the central bank,” RT reported. “The Gazeta report indicated that the slowdown in growth is associated with tightening export (and partly import) restrictions as well as a deterioration in credit lending to enterprises.”
