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Russia's GDP growth rate slowing down for fifth month in succession

November 23, 2012, 0:26 UTC+3
Russia's Ministry of Economic Development and Trade is fixing a steady slowdown of the growth rates of Russian economy
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Photo ITAR-TASS

Photo ITAR-TASS

MOSCOW, November 23 (Itar-Tass) — Russia's Ministry of Economic Development and Trade is fixing a steady slowdown of the growth rates of Russian economy, the director of the Ministry's department for macroeconomic forecasting, Oleg Zasov said Thursday.

"Growth slowed down to 2.3% in October and the downshift continues for the firth month on end," he said. "A strengthening depressive impact of the farming sector is felt."

Another factor exerting impact is unsteady dynamics in the industrial sector, as well as a slowdown in retail trade and simply in people's earnings, Zasov said.

In October 2012 compared with September, the GDP grew 0.1% with account of the seasonal factors. "A month-on-month growth was close to zero," he said.

In September the growth of the GDP with account of seasonal factors totaled 0.4%.

Zasov indicated that the dynamics of the GDP may be different from one quarter of the year to another but the forecast for the yearend will remain unchanged.

"If there are some corrections, they'll be small," he said. "The possibility of upward and downward corrections is equal."

On the whole, the Economics Ministry experts believe the GDP grew 3.7% in the period of January through to September.

The almost zero dynamics in October was shown largely due to the performance of the industrial secot and transport and, partly, the construction industry, investments, and agriculture.

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