Russia: GDP expands at slowest pace in over three years
May 17, 2013
According to the flash estimate published by the Federal State Statistics Service (Rosstat) on 15 May, GDP grew 1.6% in the first quarter over the same period last year. The result represents a deterioration compared to the 2.1% expansion recorded in Q4 2012 and came in well below market expectations that had the economy growing 2.9%. However, the result marks an improvement compared to the estimate published by the Ministry of Economic Development on 22 April, which had the economy expanding 1.1% 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 3.1% in 2013, which is down 0.2 percentage points from last month's forecast. Next year, the panel sees the economy growing 3.5%.
Author: Armando Ciccarelli, Head of Data Solutions