VEB says Russia’s GDP grows 0.1% in June excluding seasonality

MOSCOW, Jul 27 (PRIME) -- Russia’s gross domestic product (GDP) increased by 0.1% in June excluding seasonal factors, while year-on-year contraction slowed down to 0.6% in the month from 0.8% in May, state development bank Vnesheconombank (VEB) said late on Tuesday in its monthly report.

The positive impact on the indicator was provided by the processing sector, which increased by 0.6% in the month excluding seasonal factors. The transportation sector also grew 0.6%, while production of mineral resources increased 0.1% and the agricultural sector edged up 0.1%, VEB said.

But the construction sector fell 1.4%, commercial services decreased 1.1%, the wholesale and retail sector went down 0.1% and production of power, natural gas and water contracted 0.1%, the bank said.

Economic Development Minister Alexei Ulyukayev said earlier that Russia’s GDP fell less than 1% in January–June. The ministry expects the economy to contract 0.2% this year.

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