Russia: Economy gains momentum in Q1
May 17, 2017
The Russian economic recovery continued to pick up steam at the start of 2017. A preliminary estimate released by the Federal Statistics Service (Rosstat) on 17 May showed that GDP increased 0.5% year-on-year in Q1. The result followed the 0.3% expansion registered in Q4 and came in a notch above market analysts’ expectations. More detailed data including a breakdown of components will be released on 30 June.The economy is expected to return to growth in 2017 after two years of falling activity, thanks to recovering private consumption and fixed investment. Higher oil prices should also help shore up government revenues and support exports. Economists project that the economy will expand by 1.3% in 2017, which was left unchanged from last month’s forecast. For 2018, analysts see GDP growth accelerating to 1.7%.