VEB: Russia’s seasonally adjusted GDP falls 3.1% in January

MOSCOW, Mar 9 (PRIME) -- Russia’s seasonally adjusted Gross Domestic Product (GDP) decreased 3.1% on the year and fell 0.2% on the month in January, state-run development bank Vnesheconombank (VEB) said in a research note on Wednesday.

In December, the GDP contracted 3.8% on the year and 0.1% on the month.

“Annual GDO dynamics has improved due to last year’s low base effect,” VEB said.

The fall in January was caused by a 1.5% decrease in manufacturing, a 3.3% fall in construction and a 0.6% decrease in trade, and was quite offset by a 6.3% rise in consumption of gas and water and a 0.1% increase of net taxes.

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