Russian GDP grows by 4.2 percent in first half

09:10, July 20, 2010      

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Russia registered a gross domestic product (GDP) growth of 4.2 percent in the first half of this year, and in June alone a growth of 4.9 percent, said Minister of Economic Development Elvira Nabiullina on Monday.

"In principle, these are good dynamics for post-crisis recovery, " said the minister at a cabinet meeting.

Economic growth in June however, slightly fell 0.3 percent month-on-month due to negative seasonal factors, local media reported.

Meanwhile during the first six months this year, the industrial output surged by 10.2 percent, with processing industries demonstrating an increase of 14.3 percent. Russian exports soared by more than 50 percent.

According to Nabiullina, "prices in the first half of the year grew by 4.4 percent," as compared with the 7.4 percent in the same period last year.

Smashed by the global economic crisis, Russia saw its worst recession in a decade with GDP shrinking 7.9 percent last year.

Russian Economic Development Ministry previously estimated the annual GDP growth and the inflation rate for 2010 at 4 percent and 6-7 percent respectively.

Source: Xinhua


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