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Russia's half-year GDP up 1% Ц Ministry of Economic Development

The six-month gross domestic product of the Russian Federation increased by 1% year-on-year, according to the Ministry of Economic Development.

However, the production and distribution of electric power, gas and water, investment, construction, actuallz disposable household income remain in the negative zone. Other macroeconomic indicators increased compared with the first half of 2013.

In June, Russia's economic growth slowed down to 0.6% year-on-year against 1.3% in May. The reason for the weaker economy growth rate is a slowdown in the growth of manufacturing sectors (0.3% against 4.4% in May 2014), retail trade (0.7% against 2.1%) as well as a reduction of net taxes due to the continuing decline in oil exports (-2.6% against-0.4%) and a slower growth of gas exports, primarily resulting from the tension between Russia and Ukraine. Besides, the construction sector performance trend turned positive, while the growth in the transport sector sped up in June; both changes qualify as significant improvements.

Despite a slower economic growth in June, the y-o-y growth of Russia's GDP accelerated in the second quarter of 2014 (1.1% year-on-year against 0.9% in the first quarter).

"AK&M", 25.07.2014 18:10


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