In November 2011, industrial production in Russia grew 3.9% year-on-year, with mining up 1.3%, manufacturing 4.9%, and production and distribution of electricity, gas and water, 3.2%, the Economic Development Ministry said in a report on the country’s economic situation in January-November.

Excluding seasonal and calendar factors, industrial production slumped in September, resumed growth in October, and grew 0.3% in November. The growth came from mining (up 0.9%) and production and distribution of electricity, gas and water (up 2.0%). In manufacturing, October’s growth reversed into a slump of 0.1% (excluding seasonal factors) in November. In the first eleven months of 2011, industrial production grew 5.0% compared to the same period of last year.

Fitch: Russia capital outflows manageable so far

Capital outflows from Russia appear to have risen sharply in the fourth quarter, but are not currently high enough to affect the country’s BBB rating, Fitch Ratings said in a statement.

Nonetheless, they partly reflect the poor business climate and political uncertainty and will be monitored for signs of a material increase.

Russia saw $74bn in capital outflows from January to November, Central Bank of Russia First Deputy Chairman Alexei Ulyukayev said on December 15. This reflects a sharp pick-up compared with the latest official data for January-September, which reported net private sector capital outflows at $49bn. That is considerably higher than last year’s figure of $34bn, but well below $134bn of outflows seen in 2008.

Preliminary data for January to the end of September suggest that Russia’s foreign direct investment abroad exceeded FDI inflows by around $17bn. Fictitious transactions, errors and omissions, and cash purchases of foreign currency, which are usually more clearly characterised as “capital flight,” were $20bn, Fitch said.