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Russian Economy Decreased By 3.6 Percent
September 16, 2015 23:07


The Russian economy has decreased by 3.6 percent from January to July, as compared to the same period of last year. At the same time, in July GDP fell by 4.6 percent (compared to July 2014). This information is contained in the monthly review of the Ministry of Economic Development.

In addition, industrial production has increased by 0.1 percent in July. This is the first increase in the index since the beginning of the year. Mineral production is also growing (by 0.2 percent, as compared to June 2015), as well as manufacturing industry (0.1 percent), production and distribution of electricity, gas and water (0.2 percent).

The retail trade turnover has increased for the first time in several months (plus 0.1 percent). The country has exported goods for 28.2 billion dollars during a month (39 percent less than in July 2014) and imported goods for 17 billion (minus 41.9 percent).

The agency indicates that in July inflation began to grow again. Prices grew by 0.8 percent (0.2 percent in June). They have increased by 9.3 percent since the beginning of the year. On August 28 the international Moody’s rating agency downgraded the forecast for the Russian economy for 2016.The agency experts believe that next year Russia’s GDP will decline by 0.5-1.5 percent. Previously they forecasted a zero growth.


Author: Anna Dorozhkina


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