Russia: GDP growth moderates in the second quarter
August 11, 2011
According to the flash estimate published by the Federal State Statistics Service (Rosstat) on 11 August, GDP grew 3.4% in the second quarter over the same period last year. The result represented a deceleration compared to the 4.1% expansion in the first quarter and came in below market expectations, which had the economy growing 4.0%. In its flash estimate, Rosstat did not provide a quarter-on-quarter reading. However, according to an estimate from the Economy Ministry published on 27 July, in the second quarter GDP expanded a seasonally-adjusted 0.6% over the first quarter, down from the 1.0% quarterly expansion recorded in the previous 3-month period. 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