Russia GDP Growth Accelerates to 2.7% in Q4

Russia's gross domestic product grew by 2.7 percent year-on-year in the fourth quarter of 2018, following an upwardly revised 2.2 percent expansion reported in the previous three-month period.

Within the service sector, growth accelerated for: information & communication (2.7 percent vs 1.3 percent in Q3); financial & insurance activities (7.9 percent vs 7 percent); real estate activities (0.3 percent vs 0.2 percent); and administrative & support service activities (2.9 percent vs 2.4 percent). Meanwhile, the rate of expansion was unchanged for wholesale & retail trade (at 2.2 percent), transportation & storage (at 3.2 percent) and public administration & defense (at 3.3 percent); while it slowed for accommodation & food service activities (4.4 percent vs 8.1 percent), culture, sports, leisure and entertainment output (0.6 percent vs 0.8 percent), and professional, scientific and technical activities (0.1 percent vs 1.6 percent).

Within industrial activity, mining output grew the most (7.7 percent vs 4.7 percent), followed by water supply, water disposal, organization of waste collection & disposal, pollution control activities (6.5 percent vs 4.3 percent) and electricity, gas & steam, air conditioning (1.2 percent vs 1 percent). Meanwhile, manufacturing growth slowed sharply to 0.2 percent from 1.3 percent in Q3, and construction output rose at a slower 4.9 percent, compared to 6.6 percent in the previous period.

Agriculture, forestry & fishing surged 2.3 percent in the three months to December, recovering from a 4.8 percent contraction in the third quarter.

Considering 2018 full year, the Russian economy grew 2.3 percent, the strongest pace of expansion in six years.

Russia GDP Growth Accelerates to 2.7% in Q4

Federal State Statistics Service | Joana Ferreira |
4/2/2019 1:26:43 PM