FX.co ★ Russia Industrial Activity Slows

Russia’s industrial production grew by 0.4% year-on-year in July 2026, down from a 0.6% increase in June and below market expectations of 0.7% growth. Output in electricity, gas, steam and air-conditioning supply contracted further, falling 4.0% after a 1.4% decline in the previous month, while manufacturing growth slowed to 2.4% from 2.8%. Mining activity remained in negative territory, with output shrinking by 2.6%. By contrast, water supply, sewerage, waste management and remediation activities returned to growth, rising 2.8% after a 1.2% drop in June. On a seasonally adjusted monthly basis, industrial production inched up 0.1%, following an upwardly revised 0.2% increase in June. Over the first seven months of 2026, industrial output was up 0.1% compared with the same period a year earlier.