Russia Economy Expands 1.6% YoY in Q1
In the first quarter of 2013, Russia´s GDP grew 1.6 percent yoy, the smallest expansion since the fourth quarter of 2009, hurt by lower demand for commodity exports and drop in investment.
The Euro Area recession continues to hurt Russia´s commodity exports. In the first three months of 2013, exports declined 4.9% yoy.
Russia's GDP growth slowed throughout 2012, falling from 4.8 percent in the first quarter to 4.3 percent in the second, 3 percent in the third and 2.1 percent in the fourth.
In April, Russia's economy ministry slashed its 2013 growth forecast to 2.4 percent from 3.7 percent, from 4.3 per cent to 3.7 per cent in 2014 and from 4.5 per cent to 4.1 per cent in 2015.
5/21/2013 12:14:40 PM