Russian GDP growth slows to 0.5 pct in Q1
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E-mail Xinhua, May 17, 2019
MOSCOW, May 17 (Xinhua) -- The growth of gross domestic product (GDP) in Russia slowed down to 0.5 percent in the first quarter of this year from the same period a year ago, the Russian Federal Statistics Service (Rosstat) said Friday, quoting preliminary data.
"The slowdown in GDP growth was expected and resulted from weak domestic demand accompanied by a tax increase," the Russian Economic Development Ministry said in a comment on the Rosstat statement.
It added that the GDP growth in the first quarter was lower than the ministry's latest estimate of 0.8 percent.
The Russian central bank estimates that the GDP growth will be equal to 1.2-1.7 percent this year, compared to 2.3 percent in 2018.
It forecasts that increased budget revenues will be used to raise government spending, including investment, so that subsequent years might see higher economic growth rates. Enditem
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