Russia April industrial output slows

Telco

Russian industrial-output growth slowed as a stalling economy and weakening exports hurt demand. Production at manufacturers, mines and utilities grew 2.3% in April from a year earlier after a 2.6% increase in March, the Federal Statistics Service in Moscow said Wednesday. The economy of the world’s largest energy exporter grew last quarter at the weakest pace in more than three years as a recession in the euro area extended to a record. Russian manufacturing advanced 1.2% from a year earlier in April, down from 3.4% the previous month, according to the statement. Mining grew 2.6% while production at utilities increased 2.8%. Deteriorating domestic demand has taken a toll on carmakers, with sales of new vehicles dropping 8% in April from a year ago, according to the Association of European Businesses in Russia.

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