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Russia posts 7.5% quarter-on-quarter GDP growth in Q2

© Sputnik / Mikhail Kutusov / Go to the mediabankRussia posts 7.5% quarter-on-quarter GDP growth in Q2
Russia posts 7.5% quarter-on-quarter GDP growth in Q2 - Sputnik International
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Russia's GDP increased 7.5% quarter-on-quarter in April-June 2009, but contracted 10.9% year-on-year, the country's top statistics body said on Tuesday.

MOSCOW, August 11 (RIA Novosti) - Russia's GDP increased 7.5% quarter-on-quarter in April-June 2009, but contracted 10.9% year-on-year, the country's top statistics body said on Tuesday.

Russia's Economic Development Ministry expects GDP to grow in the third quarter as compared to the second quarter.

Fitch Ratings said earlier that Russia's GDP would decline 7% in 2009 but the economy was likely to grow 3.5% next year.

The international rating agency said in a statement that the country's economic growth next year would be "helped by the inventory cycle, base effects, higher oil prices and a large fiscal stimulus."

Fitch also said that the recession, lower oil prices and anti-crisis measures would cause the federal budget to swing from a surplus of 4.1% of GDP in 2008 to a deficit of 8.5% in 2009 and 6% in 2010.

"Even with a return to the Eurobond market next year, this will cause the Reserve Fund to be depleted in 2010 and require significant fiscal consolidation over the medium-term," the statement said.

 

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