Interfax: Rosstat affirms 0.8% Q2 Russian GDP growth estimate

File Photo of Cash, Coins, Line Graph

MOSCOW. Sept 8 (Interfax) – The Federal State Statistics Service (Rosstat) has affirmed its preliminary estimate of 0.8% year-on-year GDP growth for the second quarter of 2014, the agency said.

GDP was 17.697 trillion rubles in current prices in Q2.

Rosstat published its preliminary estimate for Q2 in the middle of August.

The Russian Economic Development Ministry estimated the economy grew 1.1% in Q2.

GDP grew 0.9% in Q1.

The Econ Ministry at the end of August revised, on the basis of Rosstat’s figures, its seasonally adjusted estimate for Q2 GDP growth from 0.1% to 0%. The situation was “close to” but not actually a recession, after the economy fell 0.5% on a seasonally adjusted basis in Q1 2014.

Rosstat said the GDP deflator index for Q2 2014 compared with Q2 2013 was 109.9%.

Gross added value grew most in the financial services sector in Q2 2014, up 8.7% year-on-year (11.4% in Q2 2013).

It grew 3.6% in manufacturing (fell 0.4%) and 2.1% (up 2.3%) in health care and social services, 1.4% (up 0.6%) in transport and communications, 1% in real estate (+0.6%) and 1% in agriculture and forestry (-1.3%).

Output fell 2.6% in wholesale and retail trade (grew 2.9% in Q2 2013); and 1.7% (0%) in the utilities sector (electricity, gas and water).

GDP grew 0.8% year-on-year in H1 2014 to 33.689 trillion rubles.

The Econ Ministry still thinks GDP will grow 0.5% this year as a whole. The Central Bank thinks growth will slow to 0.4% is more likely.

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