Russia's gross domestic product expanded by 0.9 percent year-on-year in the second quarter of 2019, accelerating from an over two-year low of 0.5 percent in the previous period, preliminary data showed. Industrial production was the main driver of growth.
GDP growth for the second quarter came in slightly above the Ministry of Economic Development's early estimate of 0.8 percent. According to figures released last month, a pick up had been expected for both industrial output (3.0 percent vs 2.1 percent in Q1) and agriculture (1.2 percent vs 1.1 percent). Meanwhile, a slowdown had been expected for construction (0.1 percent vs 0.2 percent), retail trade (1.5 percent vs 1.9 percent), and freight turnover of transport (1.3 percent vs 2.2 percent).
The Federal State Statistics Service did not provide any further details on the revised figure.
The Russian central bank said in late July it expected GDP to grow at 0.5-1.0 percent in the second quarter, before accelerating to 0.8-1.3 percent in the third quarter.
8/12/2019 1:15:10 PM