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Official says Russia's GDP up 0.4% in August

September 21, 2011, 23:14 UTC+3
Russia's Gross Domestic Product showed an 0.4% growth in August 2011 versus the previous month of the year
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MOSCOW, September 21 (Itar-Tass) — Russia's Gross Domestic Product showed an 0.4% growth in August 2011 versus the previous month of the year, and the figure reflects a range of seasonal and calendar factors, the Deputy Minister of Economic Development, Andrei Klepach told reporters.

"In August 2011, the GDP grew 5% versus the same month of 2010 and 0.4.% versus July," he said, adding that industrial production in August also grew 0.4%.

"If you look at separate industries, the food industy, oil refining and machine-building are in the red while the chemical industry, the construction sector, metallurgy, and transport machine-building showed fair growth," Klepach said.

"On the whole, the processing industries are displaying good results but forecasts indicate that growth will slow down in the third and fourth quarters of the year," he said, adding that the industries had steady growth indicators in the second half of 2012, too.

The increase of investment totaled 0.5% in Russia in August versus July and retail trade grew 1.4%, Klepach said.

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