Russia’s Q3 GDP Growth Slowest Since 2010 – Rosstat

File Photo of Cash, Coins, Line Graph

MOSCOW, November 12 (RIA Novosti) ­ Russia’s third-quarter GDP expanded at the slowest rate since the country began recovering from the global financial and economic meltdown in early 2010, according to figures released by the Federal Statistics Service (Rosstat) on Monday.

Russia’s economy grew by just 2.9 percent in July-September 2012 compared with the same period last year, Rosstat said.

The economy expanded by an annualized 4.9 percent in the first quarter, by 4 percent in the second quarter and by 4.5 percent in the first half of the year, according to Rosstat.

Russia’s Economic Development Ministry has forecast the country’s GDP will grow by 3.5 percent in 2012, 0.8 percent less than in 2011.

Economic Development Minister Andrei Belousov said early in October Russia will be able to balance its social obligations and defense spending with minimum annual GDP growth of 4-4.5 percent.

Former Russian Finance Minister Alexei Kudrin said in April GDP growth below 3 percent meant stagnation, while a rate of 3-4.5 percent suggested weak and unstable growth.