Russia’s domestic import substitution program is showing impressive results
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Amidst global economic slowdown, Russia’s industrial production shows stellar growth. After sanctions and rejection of Western imports, Russia’s domestic import substitution program is showing impressive results. Industrial production up 2.6% year-on-year for the first half year. And accelerating, up 3.3% in June from last year. In the same period, the subsector manufacturing (factory production) surged by a staggering 3.4%, which really shows Russia is going full steam ahead.
Meanwhile, no growth in the US over the year, with two last quarters negative.
Germany down by 4% over the year.
It sure looks Russia is winning this one.
