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Russia’s economic growth in January-June reaches one point seven percent

July 19, 2013, 20:21 UTC+3

The current forecast puts the index of GDP growth at 2.4 percent

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MOSCOW, July 19 (Itar-Tass) - Russia’s economic growth in January-June 2013 was 1.7 percent, and 1.5 percent June-on-June, Russian Deputy Minister of Economic Development Andrei Klepach told journalists on Friday.

So far, he noted, the ministry of economic development is speaking about continuing stagnation in the GDP growth. “But in terms of year-on-year growth, the situation has improved,” he said.

According to Klepach, the GDP growth in June was 1.5 percent on June 2012, and “net of the seasonal and calendar factor, it means zero percent.”

He cited statistics of the Russia State Statistics Service that GDP growth in the first quarter of 2013 was 1.6 percent. “According to our estimates, the figure in the second quarter is somewhere around 1.9 percent. Thanks to the low base effect, the GDP dynamics begin to improve,” he said.

At the same time, he noted that the ministry of economic development might adjust GDP growth forecasts for 2013 in late August.

The current forecast puts the index of GDP growth at 2.4 percent.

The deputy minister however did not say there these forecasts would be raised or diminished.

The ministry of economic development, in his words, proceeds from expectations that in the second half of the year 2013, in the thirds quarter in particular, the economy would grow faster that in the first six months of the year. “Let us wait till late August,” he said when asked when the forecasts would be updated.


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