Russian industry grew on prices, not on output
Across 2021 to 2025 the study separated revenue growth into price effect and volume effect for 14 industrial sectors. In 10 of the 14, passing costs into prices produced more than half of all revenue growth. Physical output barely moved over the five years, and revenue fell in 2026.
The study also names what held volume back, including capacity limits, labour shortage, equipment and credit costs, and logistics disruption.
- Method
- Desk research
- Data
- Rosstat series
- Period
- 2021 to 2025
- Scope
- 14 industrial sectors
- Study by
- Glava and Tebiz Group
- Vedomosti Analysts name price growth as the driver of industrial revenue 28.08.2026