Economy ministry expects revival of some types of industry in Q4 2019

14:51, 28.11.2019 1 min read

The pace of growth of industrial production in October 2019 fell by 5.5% compared with October 2018, and in January-October 2019 industrial production decreased by 0.6% year-over-year, according to a posting on the website of the Economic Development, Trade and Agriculture Ministry.

In the fourth quarter of 2019, the ministry expects the recovery of the mining industry and some types of processing thanks to the introduction of updated production facilities, a high yield of sunflower and other crops and thanks to a stable level of purchasing power.

The ministry explained the negative indicator in October 2019 by the deteriorating situation with orders for the domestic market, logistical problems with the railway, and warm weather conditions contributed to the decline in the energy sector.

"In addition, a significant strengthening of the exchange rate negatively affected the competitiveness of domestic producers. Only chemical and pharmaceutical production showed positive results. But this did not compensate for the decline in other industries," the ministry said.