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Central Bank says Russia’s GDP positive in fourth quarter of 2016

February 07, 2017, 11:24 UTC+3
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MOSCOW, February 7. /TASS/. Russia’s GDP dynamics (seasonally adjusted) turned positive in the fourth quarter of 2016, the Central Bank reported Tuesday.

"In the fourth quarter of 2016, the annual rate of gain in production was estimated as positive, which is highlighted by the dynamics of forward-looking indicator of output of products and services on the main types of economic activity. The quarterly GDP growth rate (seasonally adjusted) is estimated to turn positive, demonstrating a revival of economic activity, which will persist in early 2017 as well," the report said.

Meanwhile, the recovery in cumulative demand in the first half of 2017 will spur Russia’s economic growth further on, the Bank of Russia said.

"In the fourth quarter of 2016, the economic recovery started to get sustainable, though the dynamics of the main indicators remained mixed. On the one hand, industrial production increased, backed by surging external demand and expansion of import substitution. The investment activity gradually rebounded," the report said.

On the other hand, the consumer demand shrank following a slight growth in the third quarter of 2016, the regulator said. "In the fourth quarter, seasonally adjusted GDP turned positive, according to the Bank of Russia. In 2016, GDP reduction amounted to 0.2%. A recovery of cumulative demand in the first half of 2017 will facilitate further GDP growth," the Central Bank said.

According to the Economic Development Ministry’s official outlook for 2017, Russia’s GDP growth will be 0.6%. However, Economic Development Minister said earlier that GDP growth would exceed 2% in the second half of this year, meaning that 1H 2017 GDP growth will be above 1%.

Finance Minister Anton Siluanov said Russia’s GDP growth may be around 1-1.2% this year.

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