OREANDA-NEWS. February 17, 2010. The industrial output (IO) grew 11.8%, y/y in January 2010, though it declined by 12.5%, m/m. The main IO annual drivers were the growths in the metallurgy (26.6%, y/y), engineering (22.3%) and chemical sector (29.5%).

Millennium Capital sees the news to be positive, since it is an indicator of a slight real economy recovery. Namely, the seasonal monthly decrease of IO in January 2010 was a lot slower than in January 2009 (-12.5% vs. -16.1%, m/m). Millennium Capital expect the IO to grow at around 8%, y/y in 2010.