Ministry: Russia’s GDP falls 4.6% in Aug, 3.8% in Jan–Aug

MOSCOW, Sep 29 (PRIME) -- Russia’s gross domestic product (GDP) shrank by 4.6% on the year in August and by 3.8% on the year in January–August, the Economic Development Ministry said Tuesday in a report on social and economic development tendencies in the country.

The GDP fall excluding seasonal factors is gradually slowing down, as in July and August the figure did not decrease, the ministry said, adding that the most significant negative impact on GDP was provided by the processing industry, housing construction, wholesale and retail business and net food taxes.

Earlier in September, Economic Development Minister Alexei Ulyukayev said Russia’s economy may have contracted by about 3.9% in January–August.

The ministry expects the country’s GDP to fall 3.3% in 2015.

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