Minister: Russia’s seasonally adjusted GDP zero in Jul, can rise Aug

KURSK, Aug 22 (PRIME) -- Russia’s seasonally adjusted gross domestic product (GDP) showed zero dynamics on the month in July, Economic Development Minister Alexei Ulyukayev told reporters on Monday, adding that a small growth in August is not ruled out.

“It is very possible that it was zero (on the month), seasonally adjusted and quite possible that there will be a small increase in August,” Ulyukayev said.

The minister said that GDP fell 0.6% on the year in July and 0.9% on the year in January–July.

The Russian economy will demonstrate growth in October–December for sure but the dynamics in July–September are unclear yet, he said.

The basic forecast for the Russian GDP dynamics implies a 0.2% decline in 2016 if the oil price averages U.S. $40 per barrel.

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