Russia: Economic activity picks up in August
September 30, 2011
According to the index of economic activity published by Federal Statistics Service (Rosstat), the economy added 6.5% in August over the same month last year. The result represents an improvement compared to July, when the index expanded 5.9%, thus marking the strongest expansion since the beginning of the year. The annual trend improved as a result of the pick-up in economic activity, as annual average growth edged up to 4.6%, after reaching 4.4% last month. The Ministry of Economic Development expects the economy to expand 4.1% in 2011. In 2012, the Ministry sees economic growth moderating to 3.7%.
Author: Armando Ciccarelli, Head of Data Solutions