Russia: GDP expands in Q2 at slowest pace in more than three years
August 9, 2013
According to the flash estimate published by the Federal State Statistics Service (Rosstat) on 9 August, GDP grew 1.2% in Q2 over the same period last year, marking the slowest reading since Q4 2009. The result represents a deterioration compared to the 1.9% expansion recorded in Q1 2013 and came in well below market expectations of a 2.0% growth in the economy. The result also marks a deterioration over the estimate published by the Ministry of Economic Development on 24 July, which had the economy expanding 1.9% in Q2.
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 0.2 percentage points from last month's forecast. Next year, the panel sees the economy growing 3.5%.
Author: Armando Ciccarelli, Head of Data Solutions