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Industrial Production Shipments Plunge in Russia

Russia’s economy has been hit by the “usual” global pandemic woes, but it also received an extra blow from the plunge in oil price. The scope of the damage can be estimated using our new data on industrial production shipments, recently added to the Macrobond database from the Federal State Statistics service (Rosstat). The shipments for various industrial production sub-components have declined severely since February with the mining and quarrying sector taking the biggest hit when looking at YoY percentage change. This drop in shipments for mining and quarrying can be attributed to the collapse of global demand for crude oil and natural gas.

We also carry the subcomponents of this data for manufacturing as well as for mining and quarrying. In the chart below, you can see crude oil and natural gas shipments along with the global benchmark price indicator – Brent crude – to visualize the impact of falling oil prices on the industry. The shipment series was converted into US dollars with one click using Macrobond’s built-in currency conversion feature.

Since the beginning of the pandemic and the fall of oil price, the ruble has also significantly depreciated. As seen in the table below, the change in US dollar has been more severe than the change in ruble.

Below, you’ll find a full list of the data that’s been added to the Macrobond database in the past 2 weeks.

Data Additions by Country / Region

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