Industrial Slowdown: January 2026

In January 2026, Russia's total industrial production volume declined by 0.8%, marking a reversal from the 3.7% growth recorded in December 2025. Within this overall contraction, the extractive sector managed to post a 0.5% increase, driven by a recovery in metal ore mining, which also grew by 0.5%. Simultaneously, oil refining contracted by 0.6%. The data points to a deceleration in industrial activity at the start of the year, with the extractive industry, including ore mining, demonstrating relative resilience against the backdrop of the broader downturn.