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Iikka Korhonen Profile picture
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Nov 3 • 2 tweets • 1 min read
🇷🇺Mobilization really did a number on Russia's output and especially services in October.

PMIs
Manufacturing 50.7 (was 52.0)
Services 43.7 (51.1)
Composite output 45.8 (51.5)

Slide in economic activity continues in 4Q2022 Image
Also visible in October consumer confidence numbers. (Which were very high in the summer - given the war etc...) Image

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More from @IikkaKorhonen

Iikka Korhonen Profile picture
Sep 11
My colleague Heli Simola wrote about Russia’s foreign trade in @BOFITresearch Policy Brief 5/22. Imports declined a lot after invasion, and this had clear effect on production in sectors w/lots of imported components.
1/
bofit.fi/en/publication…
In many tech goods 🇪🇺🇬🇧🇺🇸🇯🇵🇰🇷🇹🇼accounted for most of Russia’s imports, only in electrical equipment is 🇨🇳the most important.

In June imports were below pre-war level from almost all countries, 🇹🇷the most important exception.

2/
 bofit.fi/en/publication…
Output in many sectors is suffering from lack of imported components, vehicles being especially badly hit.

Interestingly, export of electrical machinery to🇹🇷has increased from a number of EU member states, e.g.🇵🇱🇮🇹. Problems in logistics?
3/
 bofit.fi/en/publication…
Read 4 tweets
Iikka Korhonen Profile picture
Jul 27
🇷🇺Russia June industrial production –1.2% y/y, 0% m/m
Manufacturing –4.5%
Natural gas –32.8%
Cigarettes –32.4%
AC motors –12.3%
Lead batteries –21.8%
Fiberoptic cables–79.6%
Fridges–52.3%
Elevators –59.9%
Passenger cars –89%
Trucks –40%
Freight cars –34.4%
rosstat.gov.ru/storage/mediab…
Increases in many foodstuffs and construction materials, though.
Construction is one sector where 2Q2022 saw growth, +3.5% y/y (in June only +0.1% y/y, though).🇷🇺
Read 4 tweets
Iikka Korhonen Profile picture
Jun 1
🇷🇺#Russia April industrial production –1.6% y/y, –1.8% m/m
Manufacturing –2.1% y/y
Clear increase in pharmaceuticals +31.9% y/y, big drops in electrical equipment –8.2%, cars –61.5% (!!!), other vehicles –6.6%

Anything where foreign components needed..

rosstat.gov.ru/storage/mediab…
Some interesting tidbits. Production of fridges and washing machines dropped by about half. Fiber optic cables –76% y/y. Elevators –48%, excavators –56%.
Construction growth strong, +7.9% y/y
Read 7 tweets

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