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Russia's GDP growth slows down to 1.5% in July

August 28, 14:14 UTC+3

The slowdown should not be interpreted as a change in the positive trend, according to the Ministry of Economic Development

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© Sergei Fadeichev/TASS

MOSCOW, August 28. /TASS/. Russia's GDP growth in July slowed down to 1.5% in annual terms, according to the Economic Development Ministry.

"Weaker dynamics of agriculture, industry, trade, which was partially offset by growth in construction, contributed to slowdown of economic growth results in comparison with April-June," the report said.

At the same time, the manufacturing industry was the most pronounced deterioration of the annual dynamics, the ministry said.

Slowdown should not be considered as change in positive trend

According to the Ministry of Economic Development, slowdown of economic activity in Russia in July compared to the Q2 should not be interpreted as a change in the positive trend.

"Weaker dynamics of agriculture, industry, trade, which was partially offset by growth in construction, contributed to slowdown of economic growth results in comparison with April-June," the report said.

"The July data is hardly worth interpreting as a change in the positive trend," the ministry said.

Despite decline of the figure’s dynamics in July, the ministry forecasts a possible acceleration of industrial production growth in August. According to the ministry, indicators of industrial activity in industry show a possible acceleration of industrial growth in August. The ministry expects production activity to normalize in the coming months.

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