Russia's gross domestic product expanded 1.6 percent year-on-year in August 2019, easing from a revised 1.8 percent growth in the previous month, mainly due to a slowdown in retail trade (0.8 percent vs 1.1 percent) and agriculture (2.8 percent vs 5.9 percent). In addition, freight turnover continued to contract (-0.7 percent vs -1.1 percent). Meanwhile, output rose faster for industrial production (2.9 percent vs 2.8 percent) and construction (0.3 percent vs 0.2 percent). Leading Economic Index in Russia averaged 1.91 percent from 2005 until 2019, reaching an all time high of 9.90 percent in February of 2008 and a record low of -11.80 percent in May of 2009.
Leading Economic Index in Russia is expected to be 1.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Leading Economic Index in Russia to stand at 1.80 in 12 months time. In the long-term, the Russia GDP YoY is projected to trend around 2.30 percent in 2020, according to our econometric models.