According to Central Statistical Bureau data, manufacturing output in November 2024 fell by 2% compared with November 2023 on an unadjusted basis, while on a calendar-adjusted basis it rose by 0.3%. Over the eleven months of the year as a whole, manufacturing production volumes were 2.3% lower than in the corresponding period a year earlier (unadjusted data).

It should be noted that differing development trends persist across the various manufacturing sub-sectors. In November 2024, on an unadjusted year-on-year basis, the most significant positive contribution to overall growth in production volumes came from the two largest manufacturing sub-sectors – wood processing (+6.1% compared with November last year) and the food industry (+4.8%). Production volumes also rose in rubber and plastics (+30.1%), printing (+17.5%), the chemical industry (+8%) and furniture (+11.1%). By contrast, production volumes fell in computers, electronic and optical equipment (-24.7%), beverages (-26.1%), machinery and equipment (-23%) and motor vehicles and trailers (-21.5%).

In November, manufacturing turnover at current prices also fell by 2.7% year on year. Volumes of products sold on the domestic market fell by 4.1%, and export sales fell by 2%. The sharpest declines were in sales of computers, electronic and optical equipment, as well as machinery and equipment, while sales volumes of wood processing and food industry products increased.

Moderate growth is expected in manufacturing in the final month of 2024, driven mainly by export opportunities. Difficulties will persist for those companies that are still tied to the Russian and CIS markets. In this situation they will have to continue looking for new supply options and markets for their goods. Industries oriented towards the domestic market will be affected by consumers' purchasing power.