Revised data for 2013 showed the economy accelerated for the fourth straight quarter in the last three months of 2013. Russia’s economy minister recently said the GDP is expected to grow 0.8 percent in the first three months of 2014.
From January to December of 2013, the economy advanced 1.3 percent, boosted by financial activities (+ 11.5 percent), fishing (+ 3.7 percent) and agriculture (+ 3 percent). Real estate activities increase 2 percent and hotels and restaurants expanded 1.9 percent.
The construction sector shrank 2.4 percent; production of electricity, gas and water fell 2.3 percent and mining output rose a meager 0.9 percent.
Later in March of 2014, Russian economy minister also said growth might slow to 0.6 percent in 2014, down from a January forecast of 2.5 percent.