Russia GDP Growth Confirmed at 1.6% YoY in Q1

Russian economy grew by 1.6 percent yoy in the first quarter of 2013, the lowest expansion since the fourth quarter of 2009, the Federal Statistics Office confirmed on June 17th. The slowdown was mostly caused by a decline in the mining sector, while services recorded a solid growth.

In the first quarter of 2013, the services sector registered the highest increase. Financial activities grew by 12.3 percent; real estate and renting by 7 percent; hotels and restaurants by 3.2 percent; wholesale and retail trade by 1.5 percent and transport and communications by 0.6 percent. Public administration, defense and social insurance grew by 0.1 percent. Community, social and personal services expanded by 5.5 percent; health care by 4.2 percent and education by 0.3 percent.

Agriculture, hunting and forestry grew by 1.6 percent; manufacturing by 1.3 percent, while construction expanded by a mere 0.4 percent.

Mining and quarrying, which encompasses oil, gas, coal and metals contracted by 4.9 percent. Electricity, gas and water production and distribution declined 2.4 percent.

Russia GDP Growth Confirmed at 1.6% YoY in Q1

GKS | Duarte Ricardo |
6/17/2013 2:07:52 PM