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Russia's June GDP down 9.6% - Economics Ministry

Russia's June GDP down 9.6% - Economics Ministry
 Russia's June GDP down 9.6% - Economics Ministry  - Sputnik International
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Russia's gross domestic product for June was 9.6% lower than the same month in 2008, the Economic Development Ministry said on Thursday.

MOSCOW, July 23 (RIA Novosti) - Russia's gross domestic product for June was 9.6% lower than the same month in 2008, the Economic Development Ministry said on Thursday.

Russia's GDP fell 10.1% in January-June 2009, the ministry earlier said.

Andrei Klepach, deputy economic development minister, said that Russia's GDP was expected to post a slight growth in July 2009, month on month, taking into account seasonal factors. He said June's figure was a 0.1% increase on May.

Russia posted a trade surplus of $43.3 billion in the first six months of 2009, Klepach said. "Russia's exports totaled $57.4 billion in the first quarter of 2009 and $68.1 billion in the second quarter. Imports declined and equaled $38.4 billion in the first quarter and $43.8 billion in the second quarter."

Industrial output in Russia, taking into account seasonal factors, grew 0.8% in June 2009 as compared with May, Klepach said.

"As for industry, we observed a slight growth in May as well. In particular, industrial output, taking into account the seasonal factor, grew 0.5% in May-April and 0.8% in June on May," Klepach said.

According to Russia's federal statistical office Rosstat, industrial output fell 14.8% in January-June 2009 compared with the first half of 2008, and 12.1% in June against the previous year.

Russian Economic Development Minister Elvira Nabiullina said earlier that the Russian economy had sufficient potential to overcome the negative effects of the crisis, and would be helped by the gradual easing of the global economic crisis and the implementation of the government's anti-crisis measures.

Nevertheless, the economy is expected to shrink 8-8.5% in 2009, according to the ministry's estimate.

Nabiullina said that Russia's economic growth would resume in subsequent years, if measures are implemented to cut the economy's energy intensity, raise labor productivity and improve the competitiveness of Russian goods.

"We need to stimulate domestic demand," Nabiullina said, adding that an additional 700 billion rubles ($21.9 billion) would be allocated for this purpose in 2010.

 

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