Russia: Economic growth picks up in Q2 but remains weak
July 24, 2013
The economy expanded 1.9% in the second quarter of 2013 according to a flash estimate published by the Ministry of Economic Development on 24 July. If final GDP figures released by Rosstat later in August confirm the estimate, the result will mark an improvement over the 1.6% expansion recorded in Q1. The economy expanded 0.4% on a quarter-on-quarter seasonally adjusted basis, which marked a slight acceleration over the 0.2% increase recorded 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 2.6% in 2013, which is down 0.1 percentage points from last month's forecast. Next year, the panel sees the economy growing 3.2%.
Author: Armando Ciccarelli, Head of Data Solutions