UPDATE: VEB: Russia’s seasonally adjusted GDP rises 0.1% in Oct

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MOSCOW, Nov 24 (PRIME) -- Russia’s seasonally adjusted gross domestic product (GDP) rose 0.1% on the month in October after a 0.2% decrease in September and contracted by 0.7% in January–October, Vnesheconombank (VEB) said on Thursday.

“Small growth of economic activity was noted in October 2016 after a September fall,” VEB said in a statement.

“The seasonally adjusted GDP index grew 0.1% compared with a fall of 0.2% in September 2016. Compared to last year figures, the GDP decrease sped up from 0.5% in September to 0.7% in October this year.”

The October estimate was influenced by the fact that there are two days less in the month than in September, and one day less than in October 2015.

VEB said that GDP fell 0.7% in January-October.

“GDP growth was strongly influenced by construction (4.9% compared with September). Processing industries also made positive contribution to economic growth (0.5%) as well as agricultural production (0.6%),” the statement said.

“Raw materials mining (-0.1%), production of power, gas and water (-0.3%), retail (-0.2%), transport (-1.5%) and net taxes (-1.0%) as a result of a slower VAT and excise goods growth demonstrated negative dynamics seasonally and calendar adjusted.”

The bank expects GDP to fall 0.6% in 2016.

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