Statistics service says Russia’s GDP grows 2.3% in 2018

MOSCOW, Feb 4 (PRIME) -- Russia’s gross domestic product (GDP) grew by 2.3% in 2018, higher than expected by the Economic Development Ministry or the central bank, the Federal State Statistics Service said in a statement on Monday quoting its initial estimates.

“Russia’s GDP amounted to 103,626.6 billion rubles in the current prices in 2018. The physical GDP index stood at 102.3% as compared with 2017. The deflator index for 2018 amounted to 110% compared with the prices of 2017,” the service said.

GDP in the country’s housing construction industry grew by 4.7% last year, while the financial sector added 6.3% and the restaurant and catering industry improved by 6.1%.

The ministry improved its forecast for Russia’s 2018 GDP growth to 2% from 1.8% in late January 2019 mainly thanks to the expansion of the housing construction industry, while the central bank expected the GDP increase to be close to the upper point of a 1.5–2% range.

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