FX.co ★ Russian Industrial Output Growth Rebounds in March

Russia’s industrial output increased by 2.3% year-on-year in March 2026, recovering from a 0.9% contraction in February and beating market expectations of a 0.9% rise. Manufacturing swung back to growth, with output up 10.2% after an 8.4% decline in the previous month, while mining activity edged higher, rising 1.0% compared with 0.9% in February.

By contrast, growth in the supply of electricity, gas, steam, and air conditioning slowed sharply to 0.1% from 3.6%. Output in water supply, sewerage, waste management, and pollution control deteriorated further, falling 2.4% after a 2.1% drop in February.

On a seasonally adjusted monthly basis, industrial production expanded by 12.4%. Over the first quarter of 2026 as a whole, industrial output was up 0.3% compared with the same period a year earlier.