Russia GDP Q3 2018

Russia

Russia: Economy ministry states growth slides in Q3

October 17, 2018

According to a statement by the Economy Ministry, the Russian economy lost steam in the third quarter. The ministry estimates that GDP expanded 1.3% year-on-year in Q3, notably down from Q2’s 1.9% increase. Official figures from the Federal State Statistics Service (Rosstat) are still not available for the third quarter.

The Ministry stated that the slowdown was driven by a sharp contraction in agricultural output, chiefly due to weak grain harvests. In addition, activity in the construction sector also dropped, while industrial production growth lost steam. On a positive note, the mining sector grew at more than double the pace of Q2, likely thanks to higher oil output and firm commodity prices.

FocusEconomics Consensus Forecast panelists project that Russia’s GDP will increase 1.6% in 2019, which is unchanged from last month’s forecast. Panelists expect the economy will expand 1.7% in 2020.


Author: Angela Bouzanis, Lead Economist

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