Russia GDP Q3 2018

Russia: Economy ministry states growth slides in Q3

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.

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