Russian GDP growth confirmed at 3.4% in 2012, Q4 growth slows to 2.1% – Rosstat

MOSCOW. April 2 (Interfax) – Russian GDP grew 2.1% in the fourth quarter of 2012, the Federal State Statistics Service (Rosstat) said in an initial estimate for the period on Tuesday.

GDP growth for the year remains 3.4%.

However Rosstat did adjust quarterly GDP dynamics for 2012: GDP grew 4.8% year-on-year in Q1, compared with an original estimate of 4.9%; 4.3% in Q2 (4.0%); and 3.0% in Q3 (2.9%).

GDP was 62.5991 trillion rubles in current prices last year. The GDP index deflator was 108.5%.

The financial industry and trade generated the most growth in added value with 14.3% and 6.5%, respectively, followed by manufacturing with 3.3% growth and mineral extraction with 1.0%.

Spending on final consumption accounted for 67.1% of GDP last year (66.8% in 2011), including household consumption – 48.1% (48.9%); and government spending for 18.5% (17.5%).

Gross capital formation grew to 25.7% of GDP last year, from 24.6% in 2011.

Net exports fell to 7.2% from 8.6%.