Healthy industrial growth returns

After the disappointing stagnation in July, industrial production grew by a year-on-year 6.8 percent in August, which supports the hopeful assessment that the weak July reading was a temporary blip due to the summer shutdowns. The seasonally and working day adjusted monthly production volume strongly rebounded in August – by 5.5 percent – easily offsetting the 4.2 percent fall in the previous month.

As a result, the rising trend in industrial production, observed in the first half of the year, returned in August. The cumulative growth in January-August hit 5,1 percent, and the yearly growth in 2017 as a whole is expected to exceed the 5 percent threshold more substantially.

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