Russia's GDP growth in July slows down to 1.5 percent

2017-08-29 10:58

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Russia's economic growth slowed down in July compared with the previous month, the Russian Economic Development Ministry said Monday.

The country's gross domestic product (GDP) grew by 1.5 percent year-on-year in July after registering a 2.9-percent growth in June, which is due to weaker performances in several fields, the ministry said in a report.

"Weaker dynamics of agriculture, industry and trade, which was partly offset by growth in construction, contributed to the slowdown in growth compared with the April-June period," the report said.

The worsening of the annual dynamics was most pronounced in the manufacturing industry, it added.

Meanwhile, the ministry said the July data should not be interpreted as a change in the positive trend of the economy on the whole.

"An increase in production activity in 2017 was observed in all major industries, except for agriculture, the dynamics of which were negatively affected by the atypically cold weather in May-June," it said.

The ministry expected the economic situation to normalize in the following months, noting that higher than average indicators of industrial activity indicate a possible acceleration of industrial growth in August.

Other positive signs in Russia's economy continued to be observed in July, including wage growth, restoration of retail lending, a historically low unemployment rate, recovering consumer demand and growing investments in fixed assets, according to the report.
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