Industrial output down 0.5% yoy in August

According to the State Statistics Committee, in August, industrial output declined for the first time since 2006 – by 0.5% yoy. Industrial output dropped 5.3% mom in August, which led to a 1 pp slowdown in 8M08 (6.3% yoy), compared to 7M08 (7.3% yoy). The main sector pulling the figure down was Ukraine’s core industrial sector, metallurgy (-11.6% mom, -8.6% yoy), though almost all industrial sectors dropped (look for a flash note later today).