Russia’s GDP falls by 3.7%, Ministry says
20 November 2015 (14:02)
UrBC, Moscow, November 20, 2015. Russia’s GDP is estimated to have deteriorated by 3.7% in the last quarter of the year compared with a year earlier; in the previous quarter, the decrease was estimated at 4.1%, Banki.ru refers to Economics Minister Alexei Ulyukayev as saying.
‘What we expect, and what our preliminary statistical data support, is that the last quarter of the year will actually prove to be better than the third quarter, which was actually the year’s lowest point. The GDP isn’t likely to drop by more than 3.7% in the fourth quarter,’ he said.
The minister explained a slight (0.1%) increase in October had to do with greater output figures in the oil and gas industries and agricultural sector.
‘Some sectors do look worrying, for example, the building industry, especially investment, industrial, and infrastructure projects as opposed to housing construction; the former are experiencing very hard times that we haven’t been able to cope with so far. I believe the lowest point in investment activity is yet to come,’ Ulyukayev said.
‘What we expect, and what our preliminary statistical data support, is that the last quarter of the year will actually prove to be better than the third quarter, which was actually the year’s lowest point. The GDP isn’t likely to drop by more than 3.7% in the fourth quarter,’ he said.
The minister explained a slight (0.1%) increase in October had to do with greater output figures in the oil and gas industries and agricultural sector.
‘Some sectors do look worrying, for example, the building industry, especially investment, industrial, and infrastructure projects as opposed to housing construction; the former are experiencing very hard times that we haven’t been able to cope with so far. I believe the lowest point in investment activity is yet to come,’ Ulyukayev said.
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