Russia GDP Growth Confirmed at 1.3% YoY in Q1

Russia's gross domestic product advanced by 1.3 percent year-on-year in the first quarter of 2018, matching the preliminary estimate and following a 0.9 percent growth in the previous period. The stronger expansion was mainly driven by gains in financial and insurance, real estate activities and public administration. In addition, output rebounded for manufacturing and mining.

The services sector contributed significantly to growth, as sharper rises were reported for: financial and insurance activities (5.9 percent from 5.3 percent in Q4); real estate activities (3.9 percent from 2.4 percent); public administration and defence; compulsory social security (2.3 percent from 0.8 percent) and professional, scientific and technical activities (2.8 percent from 2.2 percent). Meanwhile, wholesale and retail trade showed no growth (from 3.6 percent in Q4) and output slowed for transportation and storage (0.9 percent from 1.1 percent); accommodation and food service activities (3.4 percent from 3.9 percent); information and communication (0.3 percent from 7 percent) and administrative and support service activities (0.6 percent from 3.4 percent).

Within industrial activity, output recovered for: manufacturing (1.9 percent from -2.8 percent); mining and quarrying (0.7 percent from -0.9 percent); electricity, gas and steam, air conditioning (2.1 percent from -4.1 percent); water supply, water disposal, organization of waste collection and disposal, pollution control activities (0.2 percent from -1.8 percent). In contrast, the construction sector contracted (-5.1 percent from 1.7 percent).

In addition, agriculture, forestry and fishing shrank by 0.1 percent, compared to a 0.5 percent fall in the fourth quarter of 2017.

Russia GDP Growth Confirmed at 1.3% YoY in Q1

Federal State Statistics Service | Luisa Carvalho |
6/18/2018 2:26:44 PM