Russia: Government GDP estimate points to lowest expansion in over three years
April 26, 2013
According to a flash estimate published by the Ministry of Economic Development on 22 April, the economy expanded 1.1% in the first quarter of 2013. If confirmed by final GDP figures, which will be released by Rosstat later in May, the result would mark a moderation compared to the 2.1% expansion recorded in Q4 2012 and would represent the slowest expansion since the fourth quarter of 2009.
The government recently slashed its GDP forecasts and now expects the economy to grow 2.4% in 2013, down from a previously expected 3.6%. 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