Russia's GDP Grew To 1.5% In Feb From 0.7% In Jan - Economic Development Ministry

The growth of Russia's GDP in February accelerated to 1.5 percent in annual terms compared to 0.7 percent in January, a report from the Economic Development Ministry said on Thursday

MOSCOW (UrduPoint News / Sputnik - 21st March, 2019) The growth of Russia's GDP in February accelerated to 1.5 percent in annual terms compared to 0.7 percent in January, a report from the Economic Development Ministry said on Thursday.

"In February 2019, the GDP growth accelerated to 1.5 percent [in annual terms], compared to 0.7 percent [in annual terms] in January. In general, the February data suggests that the trajectory for economic growth this year is developing beyond the expectations of the Economic Development Ministry," the report said.

Industrial production growth made the biggest contribution to the improvement of GDP dynamics in February, the ministry noted, adding that the retail sector also showed recovery after a slowdown in January.

In late December, Russian Economic Development Minister Maxim Oreshkin predicted that the country's economic growth for 2019 would be 1.3 percent of the GDP, despite existing challenges. The official suggested that the second half of 2019 would be more positive for the Russian economy than the start of the year.