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SCHETINKA SETTLEMENT, August 22. /TASS/. Russia may probably see small growth of GDP in August, Minister of Economic Development Alexey Ulyukayev told reporters on Monday.
"I said [economic growth] will definitely take place in the third quarter and it may be small growth or small decline in the third quarter. [The growth rate] was zero with seasonal adjustment in July. Small growth in August is quite probable," the Minister said.
GDP declined by 0.9% in January - July 2016, Ulyukayev added.
Russia’s recession was slowing down steadily as of January - June of this year, according to data of the Ministry of Economic Development. GDP declined by 1.2% year-on-year in the first quarter and by 0.6% on an annualized basis in the second quarter of this year, the Ministry reported earlier.