OREANDA-NEWS. December 8, 2011. Economic growth rates remained high in October. The growth in the production index of basic industries accelerated to 11.4% year-on-year, 6 p.p. (52.6%) of which was attributed to an increase in the agricultural output.

The key factor behind the increase in the agricultural output (by 16.6% over 10 months, compared to the respective period of the previous year) was a high yield of crops. As of 1 November 2011, 50.5 million tons of crops have been gathered, which is by 29.9% more than as of the same date in the previous year.

Against a backdrop of increasing contribution made by the agriculture output to the growth in the production index of basic industries, for a third successive month there was a distinct downward trend in the share of industrial output .

A decline in external demand triggered a slowdown in the pace of growth of export-oriented industries. October saw the sharpest slowdown in the industrial production growth of metallurgy industry (from 7% in September year-on-year to 5.3% in October), machine building (from 16.4% to 13.1%), chemical and petrochemical industry (from 9.4% to 2.8%). As a result, the industrial production growth year-on-year slowed down from 6.4% in September to 4.7% in October.

A significant increase in cumulative growth rates of agricultural output contributed to the maintenance of fast GDP growth. According to estimates made by the Department, GDP growth exceeded 5% over 10 months, compared to the respective period of the previous year.