Russian industrial output drops less than expected in July

By Tuba Sahin

ANKARA (AA) - Industrial production in Russia had a softer-than-expected fall this July, official data on Wednesday showed.

The figure fell 0.5% from last July, the smallest contraction in four months, according to a report from the Russian Federation State Committee on Statistics.

The market estimate was a 2.4% year-on-year contraction for the month.

Industrial output in June contracted at an annual rate of 2.4%.

On a seasonally and calendar-adjusted monthly basis, industrial output rose 1.8% from June.

The figures will be closely watched by Western countries, trying to gauge if their sanctions will make the Kremlin think twice about its war on Ukraine, now into its seventh month.