Russia 1Q annual GDP growth confirmed at 1.6% - Statistics Service
2013-06-18 10:53:56
Russia's economy grew 1.6% in the first quarter of 2013, compared with the corresponding period a year earlier, the Federal Statistics Service said Monday, confirming its preliminary estimate.
The economy ministry's initial forecast pegged annual growth at 1.1% for the first three months of 2013, compared with a 4.8% growth rate during the first quarter of 2012.
Economists have said a substantial economic recovery in Russia is unlikely as government spending has fallen, investment is close to zero, while Russian exports have been stagnating for nearly two years.
Compared with the fourth quarter, gross domestic product growth in the world's leading oil and gas producer fell 16.4% in the first three months of 2013, the FSS data showed.
The government is currently working on ways to revive the economy after the government slashed its 2013 growth forecast to 2.4% from 3.6%, well below President Vladimir Putin's ambitious target of 5% annual growth.