FX.co ★ Russia Industrial Activity Unexpectedly Recovers

Russia’s industrial production rose by 1.8% year-on-year in September 2026, rebounding from a 0.6% decline in August and surpassing market expectations of a 0.1% contraction. This was the strongest expansion since April, largely supported by a sharp recovery in manufacturing output, which grew 5.6% after a 0.5% drop in the previous month. In contrast, growth in water supply, sewerage, waste management and remediation activities slowed markedly to 0.9% from 6.9%. At the same time, contractions deepened in mining, where output fell 4.1% after a 1.3% decline, and in electricity, gas, steam and air-conditioning supply, which decreased 3.2% following a 1.2% fall. On a seasonally adjusted monthly basis, overall industrial production increased by 1.1%, recovering from a 0.3% decline in August.