Russia: Economic activity picks up in May
July 1, 2011
According to the index of economic activity published by Federal Statistics Service (Rosstat), the economy added 3.3% in May over the same month last year. The result represented an improvement compared to April, when the index expanded 3.0%, marking the lowest reading since November 2009. Despite the pick-up in economic activity, the trend deteriorated, as annual average growth inched down to 4.8%, after reaching 5.1% last month. That said, the Ministry of Economic Development expects the economy to expand 4.2% in 2011. In 2012, the Ministry sees economic growth moderating to 3.5%.
Author: Armando Ciccarelli, Head of Data Solutions