Gross domestic product grew 0.6 percent in the third quarter from the previous three months, the Economy Ministry said in a separate release, citing preliminary figures. The annual decline eased to 9.4 percent, according to the ministry. That compares with a reported 10.9 percent record contraction in the second quarter.
Russia’s commodity-reliant economy, which slumped after the credit crisis hurt raw material prices, is showing signs of recovering as global demand rebounds, led by trade giant China. That’s adding to the impact of fiscal and monetary easing. Prime Minister Vladimir Putin last week visited Russia’s communist neighbor to the east to secure energy contracts and this year’s oil deals with China are worth $100 billion.
The economy grew 0.5 percent in September from August, the ministry also said. The month-on-month growth was due to a good grain harvest,” increased meat production and an improvement in manufacturing output, the Economy Ministry said. Construction and trade continued to shackle expansion, it said.
GDP declined 8.6 percent in September compared with a 10.5 percent slump the month before, the Economy Ministry said.
The decline in industrial production, which has been sustained for 11 months, eased to below 10 percent for the first time since the end of last year in September. Prices for crude oil, Russia’s main export, advanced on improved prospects for a global recovery and metals and coal producers sought to meet reviving demand from manufacturers.
Industrial output rose a seasonally adjusted 0.4 percent in the month, compared with 0.2 percent in August, Deputy Economy Minister Andrei Klepach said Oct. 15.