Russian Economic Growth Slows

Russia's gross domestic product (GDP) has grown 4.1 percent year-on-year in the first quarter of 2011, the Federal Statistics Service (Rosstat) said on May 16.

Russia’s economic growth slowed in the first quarter as corporate investment stagnated and the biggest quarterly gain in oil prices for two years failed to offset $21.3 billion of capital outflows.

Gross domestic product rose 4.1 percent from a year earlier after increasing 4.5 percent in the previous three months.

Net capital outflows totaled $21.3 billion in the first quarter and $38.3 billion in 2010, more than the central bank’s forecast of $22 billion. That compared with $56.9 billion a year earlier, central bank data show. The country last had a net inflow in 2007, when it reached $81.7 billion.

Russian Economic Growth Slows, Bloomberg
5/16/2011 3:42:53 PM