Russia GDP


GDP expands at slowest pace in over three years

According to the flash estimate published by the Federal State Statistics Service (Rosstat) on 15 May, GDP grew 1.6% in the first quarter over the same period last year. The result represents a deterioration compared to the 2.1% expansion recorded in Q4 2012 and came in well below market expectations that had the economy growing 2.9%. However, the result marks an improvement compared to the estimate published by the Ministry of Economic Development on 22 April, which had the economy expanding 1.1% in Q1.

The government expects the economy to grow 2.4% in 2013 and 3.7% in 2014. FocusEconomics Consensus Forecast panellists expect GDP to grow 3.1% in 2013, which is down 0.2 percentage points from last month's forecast. Next year, the panel sees the economy growing 3.5%.

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Russia GDP Chart

Russia GDP Q1 2013

Note: Year-on-year changes of GDP in %.
Source: Federal State Statistics Service (Rosstat) and FocusEconomics Consensus Forecast.

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