Industrial production falls off 28.6% yoy in November

Compared with November 2007, last month industrial output was down 28.6% yoy. Over 11M08, production decreased 0.7% yoy. Every industry showed a decrease in November, from 8.7% yoy in food processing to 48.9% yoy in metallurgy. Mining dropped 32.1% yoy, machinery nosedived 38.8% yoy, chemicals slumped 35.2% yoy, while coke & oil decreased 11.6% yoy. Andrii Parkhomenko: As we expected, industrial production continues to decline in response to slipping demand and gloomy expectations both globally and domestically. We retain our forecast of a 4% yoy fall in industrial output in 2008.