Russia’s GDP grows 2.4% in September, 2.2% in July–September

SOCHI, Oct 20 (PRIME) -- Russia’s gross domestic product (GDP) grew 2.2% in July–September and 2.4% in September, Economic Development Minister Maxim Oreshkin told President Vladimir Putin on Friday.

“The third quarter has just ended, and we are summarizing statistic results, and the data is good. Our September GDP grew 2.4%, and general growth for the third quarter amounted to 2.2%. In general, recovery gradually continues,” he said.

Russia’s agricultural output grew 8.3% in September, mainly due to a good harvest, and increased 3.8% since January 1, he said.

The processing industry expanded 1.1% in September, and the ministry expects it to speed up in the several coming quarters, Oreshkin said.

If the current oil prices persist in the mid-term, Russia’s 2018 budget deficit may amount to less than 1% of GDP.

“The situation will continue to improve from the point of view of the budget. It is even possible that the budget deficit will amount to less than 1% of GDP next year if oil prices remain at current levels. So, from the point of view of adaptation to changes that happened to us, this adaptation is coming to an end in the budget sphere,” he said.

The ministry also still expects Russia’s fixed capital investment to increase by 4% in 2017.

In April–June, fixed capital investment grew 6%. “We expect a slight slowdown for the year in general, the figure of 6% was good, but we expect slightly less for the year, at about 4% of investment activity,” he said.

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