VEB says Russia’s seasonally adjusted GDP rises 2% in July

MOSCOW, Aug 23 (PRIME) -- Russia’s gross domestic product (GDP) adjusted for seasonal and calendar factors rose 2% on the year and declined 0.6% on the month in July, state development bank Vnesheconombank (VEB) said in a research note on Wednesday.

In January-July, GDP increased 1.6% on the year.

VEB said lower month-on-month economic activity was connected with negative industrial production dynamics in raw materials production and processing, power production and distribution of power, gas and water, as well as transport, paid services and net taxes on food and imports. Realty development, retail and agriculture made a positive contribution.

In July-September, the economy is likely to be supported by high harvest expectations and growing consumer demand.

VEB has confirmed its 2017 GDP forecast at 1.5%.

(59.0396 rubles – U.S. $1)

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