In the third quarter, GDP expanded 4.8% over the same period last year, according to revised estimates from 12 December. The reading was above the 3.4% year-on-year growth recorded in Q2 and confirmed the results of the preliminary estimate released on 30 October. The pick-up was driven by agriculture, which expanded 14.5%, (Q2: +1.0% year-on-year). The strong expansion benefited from a favourable base effect, as the agricultural sector contracted 18.8% in the third quarter last year in the wake of the worst drought in half a century. In addition, services picked up from a 2.1% expansion in the second quarter to a 3.9% rise. In contrast, industry expanded 4.2%, moderating from the 4.9% rise recorded in the previous quarter. A quarter-on-quarter comparison corroborates the acceleration suggested by the annual figures, as the economy expanded a seasonally adjusted 1.26% in Q3, up from the 0.28% expansion recorded in the previous quarter. Based on the latest figures, Deputy Economy Minister Andrei Klepach estimated that the economy will grow 4.5% this year, up from an official 4.2% forecast. However, he maintained that GDP will grow 3.7%, as previously forecasted.
Economy picks up in Q3
December 12, 2011
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Russia Economic News
October 17, 2016
Industrial production shrank in September, falling at the fastest pace seen in 8 months.
October 7, 2016
Russian households were less pessimistic in Q3 thanks to falling inflation, the gradual recovery in real wages and the stabilization in the ruble.
October 5, 2016
Business activity in Russia’s manufacturing sector continues to show signs of improvement.
October 4, 2016
In September, consumer prices increased 0.2% over the previous month, which was up from the flat reading registered in August.
October 3, 2016
In August, Russian exports totaled USD 22.7 billion, which marked a 9.5% annual contraction (July: -17.5% year-on-year) and represented the softest decrease since October 2014.