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2009 showed that the peak of the crisis in the industrial sector has passed. But it now needs to modernize and radically restructure itself.

January 22, 2010

By the end of December 2009, the most difficult period in the development of the industrial sector was gone through and now the situation can be expected to stabilize as output rises in Q1’10.

The broad range of anti-crisis measures taken by the Government in key sectors of the economy has not only prevented a deeper decline but also ensured a short recovery period.

Thus, November was the first month to show a breakthrough, with output growing for the first time in 15 months year-on year: 8.6%. In December, this growth continued at 7.4%, confirming a trend to relatively sharp revival of industrial production.

Quarterly indicators also suggest that a positive trend has returned to the industrial complex. Specifically, industrial production grew 1.7% in Q4’09 according to calculations by the Ministry of Economy. In addition, the last three consecutive quarters have shown positive movement compared to the previous quarters according to Ministry of Economy calculations.

Tags: industry, economy