Russia: Recovery gains traction in Q1
A preliminary estimate of national accounts data released by Rosstat on 16 May revealed that the Russian recovery got back on track in the first quarter after a sharp slowdown at the end of last year. According to Rosstat, GDP rose 1.3% over the same period last year, above Q4 2017’s 0.9% expansion.
While more detailed data including a breakdown by components is expected to be released in mid-June, private consumption was likely in the driver’s seat thanks to a tight labor market and real wage growth.