18 Jun 2019 17:42

Rosstat confirms preliminary Russian GDP growth estimate for Q1 at 0.5%

MOSCOW. June 18 (Interfax) - The Russian Federal State Statistics Service (Rosstat) has confirmed a preliminary estimate for Russian GDP growth in Q1 2019 at 0.5%, the service said in a statement.

Rosstat's preliminary estimate was published in the middle of May. It was worse than the Economic Development Ministry's preliminary estimate for growth in Q1 at 0.8%.

GDP amounted to 24.487 trillion rubles in Q1 2019. The GDP index deflator for Q1 2019 compared to prices in Q1 2018 is 108.5%.

Russian GDP rose 2.7% year-on-year in Q4, 2.2% in Q3, 2.2% in Q2 and 1.9% in Q1 2018. It grew 2.3% in 2018 as a whole.

Rosstat said the situation in wholesale and retail trade, real estate transactions and a drop in heat and electricity output affected GDP most in Q1 2019. Wholesale trade fell 6.7% year-on-year and real estate 6.6%.

The Economic Development Ministry is predicting growth of 1.3% in 2019. Based on its estimate for Q1, it said that figures for the year could be higher; the ministry is expecting growth to accelerate in H2 as national projects begin to be implemented. However, the forecast will be adjusted only in August.

The Central Bank on June 14 adjusted its GDP growth forecast for 2019 to 1%-1.5% from 1.2%-1.7% due to a weaker first quarter.

Analysts predicted growth of 1.2% in a consensus forecast for Interfax at the beginning of June.