Russia’s GDP down 0.6% in 2016

Ministry of Economic Development: GDP decline through 2016 totaled 0.6 percent year-on-year
Russia’s GDP down 0.6% in 2016
31 January 12:42 2017 Print This Article

Russia’s GDP dropped by 0.6% in 2016, the Ministry of Economic Development said in a monthly monitoring report published on Monday.

“According to the ministry’s estimates, the decline through 2016 totaled 0.6 percent year-on-year,” the report said.

In Dec. 2016, GDP (net of seasonal factor) declined by 0.5% month-on-month and by 1% year-on-year, according to the document.

Also, in Dec., industrial sector grew by 0.4% over Nov. 2016. Retail trade made a negative contribution to GDP, with down 1% on Nov. Agriculture and construction sectors declined by 0.2% and 0.4% month-on-month respectively.

The Economic Development Ministry in it’s 2017–2019 social and macroeconomic development forecast expected country’s gross domestic product decline at 0.6%, based on which a three-year federal budget was drafted.

Earlier, Russian Federal State Statistic Service (Rosstat) published data summarizing the country’s socio-economic situation in 2016. According to it, in 2016, retail trade turnover continued to decline with down 5.2%; real incomes of households declined 5.9%. Some sectors showed growth, including agriculture and some industries. Over the past year, the industrial production index rose by 1.1% (in 2015 it was down 3.4%).

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