Russia GDP


Economic activity picks up in November

Recent economic activity data released by the Federal Statistics Service (Rosstat) suggest the Russian economy recovered during the fourth quarter. The pick-up follows the drought and wildfires that affected the country during the summer and depressed the economy in the July-September period. According to the index of economic activity published by Rosstat, in November the economy added 4.5% over the same month last year, accelerating over the 3.2% increase registered in October. Moreover, the index marked the strongest result since June 2010. As a result of the monthly growth, the trend continues to point upwards, with annual average growth increasing from 3.4% in October to 4.2% in November. The Ministry of Economic Development expects economic growth of 3.8% for the full year 2010. This year, the Ministry expects GDP to pick up slightly and tally an annual increase of 4.2%. In 2012, the Ministry sees economic growth moderating to 3.9%.

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