Russia Revises Industrial Growth Down to 0.1%

According to the new assessment of the agency, instead of a 0.4% increase, industry remained at last year's levels (0% growth).

Consensus

The growth of industrial production in Russia for the first seven months of 2025 was revised to 0.1% year-on-year.
The initial estimate of 0.4% growth for the first half of 2026 was corrected to 0%.
The revision was due to the transition to a new base year (2023) and updated data from enterprises.
The annual growth rate for 2025 was revised from 1.3% to 1.1%.
In July 2026, industrial production grew by 0.4% compared to July 2025.
The growth in the first seven months was driven by the processing industry and energy sector.
The mining sector declined by 0.9% in the first seven months.
The water supply and waste management sector declined by 3.2% in the first seven months.

Without considering machine building (which includes most defense industry sectors), industrial production showed no growth compared to pre-war levels and is even slightly below levels from September–December 2021. — tg_moscowtimes_ru
The July 2026 growth was 0.4% year-on-year, and after seasonal adjustment, the increase from June was only 0.1%. — kommersant
The growth in July 2026 was 0.4% year-on-year and 1.4% month-on-month. — vedomosti
The main factor behind the decline is the drop in oil refining output, which fell by 19.3% year-on-year in July due to drone strikes. — tg_moscowtimes_ru
The July 2026 production increase was partially offset by a 2.6% decline in mining and a 4% drop in energy. — kommersant
The largest growth was in transport equipment (including aviation and shipbuilding) at 22.9%, followed by pharmaceuticals (13.9%) and metal products (10.9%). — vedomosti