Russia: Economic activity picks up in November
December 30, 2010
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%.
Author: Armando Ciccarelli, Head of Data Solutions