Dynamic industrial growth in January

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According to the preliminary data, gross industrial output grew by 6.1% in January year-on-year, implying the continuation of the strong industrial growth seen in the last quarter of 2013.

What is more, the seasonally and working day adjusted monthly volume of industrial output reached the highest level since the beginning of 2012. This suggests an ongoing expansion, notwithstanding the temporary setback in December 2013. We expect the continuation of the rising trend, although the pace of year-on-year growth is likely to dip below 6% in the coming months.