Dynamics of industrial production in February 2022

In February 2022 industrial production increased by 6,3% (compared to the same period in 2021). Compared to February 2020, the growth was 2.4%. In general, during the period from January to February in 2022, industrial production increased by 7.5% compared to the same period in 2021.

Three sectors of the economy out of four, which are accounted for in the calculation of the industrial production index, showed positive dynamics. Extractive industries grew by 8.7% by February 2021, manufacturing grew by 6.9%, industries related to water supply and wastewater, elimination of waste and pollution grew by 6.9%.

Due to the relatively warm February, the energy sector, heat and gas supply reduced production volumes by 4.2% compared to February 2021.

Industries that demonstrated an increase in production in February 2022 (compared to February 2021):

• production of medicines and materials used for medical purposes – (+)27.7%;
• production of machinery and equipment not included in other groups (including engineering tools, production of metallurgical, mining equipment, agricultural machinery, etc.) – (+)19.2%;
• provision of services in the extractive industries – (+)19.0%;
• furniture production – (+)16.6%;
• production of other non–metallic mineral products (including building materials) - (+)15.4%;
• production of another mode of transport (including aviation equipment, shipbuilding, etc.) – (+)11.8%;
• production of rubber and plastic products – (+)10.0%;
• beverage production – (+)9.8%;
• paper and paper products production – (+)8.1%;
• oil and natural gas production – (+)7.9%;
• production of chemicals and chemical products – (+)7.5%.

A decrease in output in February 2022 compared to the same period in 2021 was observed in the production of textiles – (-)4.2% and tobacco products – (-)0.9%, clothing – (-)0.1%, as well as in the extraction of other minerals (including raw materials for the construction industry) – (-)7.2%.

The growth of industrial production compared to the period before the COVID-19 pandemic was 2.4% (comparing February 2022 with a period of February 2020). Manufacturing industries increased production volumes by 4.5% compared to the same period in 2020, the energy sector increased by 3.6%, %, industries related to water supply and wastewater, elimination of waste and pollution – by 17.4%.

The raw materials sector compared to February 2020 showed a decrease in growth rates – (-)1.3% due to a decrease in oil and gas production by 4.9%. At the same time, the growth of coal production compared to February 2020 was (+)10.8%.

In manufacturing industries, the largest increase in the production index by February 2020 was shown:

• production of medicines and materials used for medical purposes – (+)64.6%;
• furniture production – (+)34.4%;
• production of machinery and equipment not included in other groups (including engineering tools, production of metallurgical, mining equipment, agricultural machinery, etc.) - (+)23.1%;
• beverage production – (+)19.8%;
• production of rubber and plastic products – (+)13.9%;
• production of wheeled transport - (+)12.8%;
• production of chemical agents and products – (+)11.4%.

At the same time decreased (comparing February 2022 with a period of February 2020):

• production of fabricated metal products except for machinery and equipment – (-)9.9%;
• production of coke and petroleum products – (-)3,7%;
• tobacco production – (-)2.7%;
• production of computers, components and computer peripherals, as well as electronic and optical products – (-)0.8%.

Data on the dynamics of industrial production in February correlate with the results of the Rosstat study "Business activity of organizations in February 2022".

In particular, the index of business activity in February was in the zone of positive values. In the raw materials sector, it increased to (+)2.7% (in February 2021 it was (-)0.3%, and in January 2022 – (+)0.3%), and in the manufacturing industries – to (+)2.3% (in February 2021 – (-)1.0%, in January 2022 – (-)2.0%).

Both in the raw materials sector and in the manufacturing industries, the number of heads who are optimistic about production growth over the next 3 months has increased. In manufacturing industries, the percent of optimists increased to 30%, the percent of pessimists decreased to 5% (earlier, in January 2022, the percent of optimists was 29%, the percent of pessimists was 6%). In February 2022 the percent of optimists increased to 16% in the extractive industries, the percent of pessimists decreased to 4% (earlier, in January 2022, the percent of optimists was 13%, the percent of pessimists was 7%).

The number of heads expecting an improvement in the economic situation in the next 6 months in February 2022 was 20% in the extractive industries and 30% in manufacturing. The percent of optimists exceeded the number of pessimists by 16 percentage points in the raw materials sector and 25 percentage points in manufacturing.

The average level of capacity utilization in February 2022 compared to January 2022 decreased by 1 percentage point in the extractive industries and manufacturing industries and amounted to 58% and 63%, respectively.