Russian Industrial Production continued to shrink annually in December, dropping even deeper to -4.50% compared to previous months -3.50%, while missing expectations of -4.20%. The Russian Statistics Service reported this to be the sharpest decline in annual production since July of 2015, with Russia’s industrial production sliding now for almost an entire year. The monthly statistic for December printed at 7.00% growth, proving an optimistic upset after having declined to -0.20% in November. The Russian economy has been hit by the continued weakness in oil prices, sanctions imposed over the crisis in Ukraine and an extremely feeble currency. Recent preliminary data regarding the country’s growth by the Statistics Service reported a decline for the year ending 2015 at -3.70%: reflecting the shrinking of its economy. In the latest sessions, the Ruble continues to lose strength over the US dollar, reaching a high price of 78.0688 upon the report’s release.
Weak UK Factory Orders
Daily Analysis - 26/01/2016