World Economy

Russia Factory Output Slides

Russia Factory Output SlidesRussia Factory Output Slides

Russian industrial output fell in May at its fastest pace since October 2009, official data showed Tuesday, underlining that the country’s sanctions-hit economy has yet to bottom out, NewsNow reported. Industrial output fell by 5.5% year-on-year in May, worse than a 4.5% fall a month earlier, Federal Statistics Service data showed. Particularly sharp falls were seen in the manufacturing sector, which collapsed 8.3% versus a year earlier. Production of machinery, consumer goods and cars performed especially badly. As in previous months, output of certain food items subject to an import ban introduced in response to western sanctions over the Ukraine conflict outperformed.