Russia Early Indicators - December; warm weather and chilling sentiment
Yesterday, we published our regular Russia Early Indicators report, in which we summarised the results of the PMIs and the first statistics for the last month of 2013. We provide key extracts from the report below.
December’s early economic releases (both survey-based and hard data) bring into focus poor local demand, stagnant production, a loosening labour market and deteriorating growth expectations. On the IP front, the growth in mining and utilities is slackening with the warm weather, while the slower drop in weather-adjusted electricity consumption and the return to the black of the growth in rail cargo volumes hints at a softer decline across manufacturing industries last month.
Vladimir Kolychev, Daria Isakova
VTB Capital analyst
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