Russia industry surprises with small drop as economy adapts
Russia's industrial sector recorded its smallest contraction in four months, the latest sign of the economy adapting to the sweeping sanctions imposed by the U.S. and allies for the invasion of Ukraine.
Industrial production fell 0.5% in July, less than the 2.3% decline analysts expected, and the best reading since the first months of the war. Industrial production was up 1.2% from the previous month.
Even the auto sector, which has been virtually shut down in recent months due to the flight of foreign companies that have dominated it, has shown some tentative signs of stabilization, with output down only 58% in July compared to -66% in May.
Analysts also expect economic trends to worsen in late 2022 and early 2023, especially amid the European Union's oil embargo, Bloomberg.
via.TITVN
