Drought to cut Russian economic growth: ministry

08:47, August 25, 2010      

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Russia's summer drought would lower its economic growth by at least 0.4 to 0.8 percentage points, Deputy Economic Development Minister Andrei Klepach said Tuesday.

The drought would have a direct effect on gross domestic product due to extensive losses in the agricultural sector, Klepach said.

The Russian economy grew by 3.8 percent for the first seven months of 2010, the RIA Novosti news agency quoted Klepach as saying.

Russian GDP grew by 2.5 percent in July. However, it slipped 0.3 percent in July compared to June if seasonal factors were excluded.

Klepach said he expected the economy to regain momentum in September.

"We've got a potential of investment growth and industrial revival, in principal," he said.

According to Klepach, prospective industrial output growth could reach 7.6 percent, up from an an earlier forecast of 2.7 percent.

Klepach played down inflation concerns, saying it was expected to be no more than 7 percent this year.

In 2009, the inflation rate was 8.8 percent.

Source: Xinhua

(Editor:张茜)

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