Industrial production dynamic in January-November 2025

The industrial production dynamic in the Russian Federation in January-November 2025 demonstrated a transition to stagnation. This is evidenced by the near-zero growth rates of the trend component of the industrial production index. The extractive sector is showing signs of stabilization after a prolonged downward trend that lasted from early 2022 to April 2025. There is significant intra-industry differentiation in manufacturing: steady growth in the production of chemical fertilizers, as well as aircraft and other vehicles, contrasts with a decline in mechanical engineering, automotive manufacturing, and the pulp and paper industry. At the same time, there is stagnation in the construction sector due to a decline in mortgage demand and a decrease in housing starts