ZCZC
BCN-14
RUSSIA-ECONOMY-GROWTH
Russian economic growth slows down in May
MOSCOW, June 22, 2019 (BSS/Xinhua) – Russian gross domestic product (GDP)
growth slowed down drastically in May to 0.2 percent year on year from 1.7
percent in April, the Economic Development Ministry said Friday.
The growth in the first five months this year was 0.7 percent, compared
with 1.8 percent in January-May 2018, according to the official data.
The ministry said the significant deceleration in the GDP growth was mainly
caused by weak dynamics of industrial output, which expanded just 0.9 percent
in May, well down from 4.6 percent in April.
Production growth continued to slow down in the mining sector to 2.8
percent in May from 4.4 percent in April. The manufacturing sector contracted
by 1 percent in May following a robust growth of 4.7 percent in April.
Earlier this month, Russian Economic Development Minister Maxim Oreshkin
said the country’s GDP growth may exceed the expected 1.3 percent this year,
picking up by the end of 2019, but did not give an explanation.
On Wednesday, Russian Prime Minister Dmitry Medvedev said that the
government needs to take additional measures to boost the economy.
He said there were objective reasons behind the slower growth, including
the instability of markets, the slowdown of the global economy, the caution
of investors, low consumer demand, sanctions and the unfolding trade
frictions.
BSS/AFP/HR/1458