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Russia GDP in October grows 0,3% after 2 months of decline

November 28, 2013, 9:35 UTC+3 MOSCOW
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MOSCOW, November 28. /ITAR-TASS/. Russia’s GDP in October 2013 grew by 0.3%, seasonality omitted after two months of decline, the Economic Development Ministry has reported.

“Agriculture was the main contributing factor to the economy growth in October. Adverse weather conditions in the country’s main agricultural regions affected the pace of harvesting in September and created a favorable basis for a sharp acceleration of growth in October,” says the ministry’s monitoring report for January-October.

After a decline in agricultural production in September by 1% (against August, seasonality omitted), October saw a 7% increase in production, which GDP growth by 0.2 percentage points. “Other positive factors in October were the dynamics of construction, trade and paid services to the population. Also, after a decline in August-September, an increase in investment in October was recorded,” according to the ministry. Industrial production remains a negative factor — it showed zero growth for the first nine months of the year.

According to the Federal State Statistics Service (Rosstat), the index of the physical GDP volume in the third quarter of 2013, compared to the same period last year, was 1.2%, which coincided with the assessment of the Russian Ministry of Economic Development.

In October, according to the ministry, GDP year-on-year growth accelerated to 1.8% against 1% in September. In general, in January-October 2013, the GDP year-on-year growth was 1.4%.

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