Russia's GDP Contraction Confirmed At 0.4% YoY In Q3


Russian economy shrank 0.4 percent year-on-year in the third quarter of 2016, following 0.6 percent fall in the previous period, and in line with preliminary estimates. It was the smallest contraction in seven quarters, driven by lower drop in construction, public administration, transport and accelerated growth for mining and quarrying and agriculture. Russia remained stuck in recession, led by low oil prices, and sanctions over Ukraine that closed access to capital markets.

Construction fell less by 2.9 percent (-9.5 percent in Q2); public administration and military security declined 1.3 percent (-1.9 percent in Q2), and transport and communication remained unchanged (-1 percent in Q2).  

Also, mining and quarrying rose 2.2 percent (0.3 percent in Q2), agriculture production went up 3.2 percent (2 percent in Q2); and production and distribution of electricity, gas and water rose 1.8 percent (0.5 percent in Q2). 

Meanwhile, manufacturing fell 1.2 percent (+0.3 percent in Q2); wholesale and retail trade decreased at a faster 3 percent (-1.2 percent in Q2); and  financial activities declined 1 percent (1.3 percent in Q2). 

Russia


Federal State Statistics Service | Yekaterina Guchshina | yekaterina@tradingeconomics.com
12/13/2016 1:51:49 PM