Russia Q3 GDP Growth Confirmed at 1.8%

Russia's gross domestic product grew by 1.8 percent year-on-year in the third quarter of 2017, unrevised from the preliminary estimate and following a 2.5 percent expansion reported in the previous period.
Federal State Statistics Service | Joana Ferreira | 12/12/2017 1:32:42 PM
Agriculture advanced by 3.8 percent after a 0.1 percent gain in the second quarter.

Within services, output rose at a faster pace for: transportation and storage (4.3 percent from 3.7 percent in Q2); hotels and restaurants (4 percent from 0.2 percent) information and communication activities (4.9 percent from 4.1 percent); financial and insurance activities (5.1 percent from 2.7 percent); and administrative and related additional services (2.7 percent from 2.2 percent).

By contrast, industrial production contributed negatively to growth due to weaker expansion in mining (2.3 percent from 4.6 percent in Q2) and electricity, gas and steam, air conditioning (0.4 percent from 2 percent). In addition, output contracted for manufacturing (-0.1 percent from 1.2 percent); construction (-0.7 percent from 2.8 percent) and water supply, water disposal, organization of waste collection and disposal, pollution control activities (-4.8 percent from 0.9 percent).

In the first three quarters of the year GDP rose 1.6 percent, compared with a 0.4 percent contraction in the same period of 2016.

For 2017, the government expects the economy to expand 2.2 percent while the central bank sees GDP growth at 1.7-2.2 percent.

Russia Q3 GDP Growth Confirmed at 1.8%