A top Russian industry and trade official said on Monday that industrial growth in Russia is expected to pick up by two percent by the end of 2014.
"I believe growth in industry as a whole will reach [approximately] 1.8 [percent to] two percent," Acting Russian Industry and Trade Minister Denis Manturov said at a meeting with Russian President Vladimir Putin, adding that the manufacturing sector was expected to grow by three percent.
According to Manturov, while the first four months of 2014 did not look optimistic, a recovery trend was registered from May through early June, with manufacturing industries monitored by the Industry and Trade Ministry growing by approximately 3.7 percent in the first six months of the year. Most of the growth was generated by the aviation industry.
While the outlook is optimistic, Manturov warned that the output of the domestic auto industry was a cause for concern.
"The most serious decline was registered in the production of light commercial vehicles, trucks and buses, especially LCVs as they were mostly used by small and medium businesses," Manturov said. "Companies do not have a possibility to replace their auto pool frequently due to loan inaccessibility. As for other sectors, metallurgy is recovering little by little and we are now developing new industries."