Ministry: Russia’s GDP falls 0.7% on year in Jul, 0.9% in Jan–Jul

MOSCOW, Aug 26 (PRIME) -- Russia’s gross domestic product (GDP) contracted 0.7% on the year in July and 0.9% in January–July, the Economic Development Ministry said in a monitoring report Friday.

Seasonally adjusted GDP fell 0.1% on the month in July after zero dynamics in June, the ministry said.

“Under the Economic Development Ministry’s estimates, after a 3-month consecutive slowdown of economic decline the annual pace of GDP contraction intensified again in July. GDP fell 0.7% on the year in July after a 0.6% decrease in May and a 0.5% contraction in June,” the ministry said.

Economic Development Minister Alexei Ulyukayev said earlier that Russia’s economy will grow in October–December.

Russia’s trade surplus decreased 48% on the year to U.S. $52 billion in January–July, the ministry also said. Exports fell 27.3% and imports decreased 8.4%.

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