Russa's GDP Growth Slows Down in Q3

Russia's gross domestic product growth slowed to 2.9% on year compared with a 5% growth seen in the same period a year ago. Quarter-on-quarter, GDP grew 0.6 in the three months from July to end-September, down from 1.8% for the same period of 2011. 12/11/2012 6:22:05 PM

Russian economy expanded at the slowest pace since it began recovering at the start of 2010 as a drought hurt agricultural output and stuttering global growth curbed demand for commodities exports.

Agricultural output fell 7.7 percent in September from a year earlier and 3.8 percent in August. Russia, the world’s third-biggest wheat exporter last season, has harvested 24 percent less grains this year.

The European Union accounts for about half of all Russian trade in goods. And as the euro area’s economy contracted in the last two quarters, there is less demand for Russian commodities.