Economic ministry: Russia’s GDP falls 1.1% in January

MOSCOW, Mar 4 (PRIME) -- Russia’s gross domestic product (GDP) excluding seasonality and calendar factors fell by 1.1% on the month and 1.5% on the year in January after a 0.6% growth in December 2014, the Economic Development Ministry said in its report published on Wednesday without providing absolute figures.

“According to the ministry’s estimates, GDP decreased by 1.1% due to the worsening dynamics of the bulk of macroeconomic indicators, excluding seasonal and calendar factors,” the ministry said, adding that it registered a significant decrease of investment in fixed assets, lower construction and retail sales volumes as well as lower processing industry results.

“The positive impact on the GDP’s dynamics in January was provided by the production of mineral resources, agriculture, commercial services to citizens and production and distribution of electric power, gas and water,” the ministry added.

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