Russia Q2 GDP Growth Rate Confirmed at Near 5-Year High


Russia's gross domestic product advanced 2.5 percent year-on-year in the second quarter of 2017, unrevised from the preliminary estimate and following a 0.5 percent growth in the previous period, final figures showed. It was the strongest pace of expansion since the third quarter of 2012, as output grew firmly for wholesale and retail trade, mining, manufacturing and construction.

It was the third straight three-month period of growth and the strongest pace of expansion since the third quarter of 2012. Within services, output was driven by: Wholesale and retail trade (4.7 percent from 0.2 percent in Q1); real estate activities (2.7 percent from -0.9 percent); transportation and storage (3.7 percent from 3.3 percent); information and communication activities (4.1 percent from -2.3 percent); financial and insurance activities (2.7 percent from 0.1 percent); and administrative and related additional services (2.2 percent from -1 percent).

Also, industrial production contributed positively to growth with all categories expanding: Mining (4.6 percent from 4.1 percent in Q1); manufacturing (1.2 percent from 1 percent); construction (2.8 percent from -4.5 percent); electricity, gas and steam, air conditioning (2 percent from 0.9 percent); and water supply, water disposal, organization of waste collection and disposal, pollution control activities (0.9 percent from -3.7 percent).

Agriculture advanced slightly by 0.1 percent after contracting by 0.9 percent in the first quarter.

In the first half of the year GDP rose 1.5 percent, compared with a 0.5 percent contraction in the same period of 2016.

The central bank expects economic growth at 1.3 to 1.8 percent in 2017. 

Russia Q2 GDP Growth Rate Confirmed at Near 5-Year High


Federal State Statistics Service | Joana Ferreira | joana.ferreira@tradingeconomics.com
9/11/2017 3:53:19 PM