Russian GDP growth accelerates to 1.1 percent in Sept from zero in Aug - Econ Ministry

Russia's GDP, based on an estimate from the Economic Development Ministry, grew by 1.1% year-on-year in September 2014 after demonstrating zero growth in August, the director of the Economic Development Ministry's Department for Macroeconomic Forecasting, Oleg Zasov, said at a briefing in Moscow on Monday.

Russia's GDP, based on an estimate from the Economic Development Ministry, grew by 1.1 percent year-on-year in September 2014 after demonstrating zero growth in August, the director of the Economic Development Ministry's Department for Macroeconomic Forecasting, Oleg Zasov, said at a briefing in Moscow on Monday.

Deputy Economic Development Minister Alexei Vedev said annual GDP growth was 0.7 percent in the third quarter of this year following 0.8 percent in Q2.

The Economic Development Ministry said that excluding seasonal and calendar factors, GDP grew 0.4 percent month-on-month in September after falling 0.4 percent in August.

Seasonally adjusted GDP growth was zero in Q3 for the second quarter in a row.

Vedev said year-on-year change in GDP could be negative in the fourth quarter due to the high level of Q4 2013.

The Economic Development Ministry was nonetheless keeping its GDP growth forecast at 0.5 percent for 2014, he said, adding that growth could be somewhat higher.

Read more: What’s behind the plummeting ruble?


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