Dmitry Evdokimov, Researcher of Quantitative Analysis and Economic Effects Department at the Gaidar Institute, explained in a commentary for the RBC the reasons for slowdown in the industrial growth, where the main one is the decline in the manufacturing sector.
"The high key rate remained the principal constraint for producers, which was directly hindering investment and consumer demand," noted Dmitry Evdokimov. He also emphasized that the total turnover of retail trade, public catering, and paid services to the population for the first 11 months of 2025 slowed to 2.5% year-on-year, compared to 6.5% for the same period in 2024 "At the same time, it's important to understand that high inflation with a low rate would have been no less negative for industry in the long term, and that is why blaming the decline solely on the Central Bank's actions is incorrect," the expert noted.
Beyond expensive funds, deeper structural changes have impacted industry dynamics. "However, transformation of the economy amid external constraints remains the main reason for structural differences in the industry dynamics," Dmitry Evdokimov noted.