Econ ministry says March GDP growth shrinks to 0.7% from 1.3%

MOSCOW, Apr 19 (PRIME) -- Russia’s gross domestic product (GDP) grew 0.7% in March compared with 1.3% in February, the Economic Development Ministry said in a report late Wednesday.

The ministry also adjusted January GDP to 1.4%. January–March growth was estimated at 1.1%.

Previously, the ministry cut its February GDP estimate to 1.3% from 1.5% and the January estimate to 1.7% from 1.9%.

“The March slowing down as compared to January–February was firstly due to a 9.7% decline in construction on the year (contribution to GDP is estimated at minus 0.3 percentage points) after nearly zero dynamics in January–February,” the ministry said.

“Besides, our estimate shows that wholesale and retail trade also made a significant negative contribution in March (minus 0.2 percentage points),” the ministry said.

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