Russian GDP decline accelerated to 4.2% in November - VEB
MOSCOW. Dec 24 (Interfax) - The annual pace of Russia's GDP decline accelerated to 4.2% in November from 3.7% in October, VEB said in its monthly bulletin.
"Rosstat data for November 2015 showed a continuation of the negative trends in October. According to VEB estimates, GDP adjusted for seasonal and calendar factors posted a month-on-month decline of 0.4% compared with a decline of 0.2% in October. Compared with the same period last year, the GDP decline accelerated to 4.2% from 3.7% in October," VEB said.
Russian GDP contracted 3.8% overall in the first 11 months of the year.
The decline in economic activity in November resulted from a seasonally adjusted 0.7% contraction in the extractive industry, 0.5% in manufacturing, 1.8% in agriculture, 0.8% in retail trade, and 0.4% in net taxes. Increases, of 0.1%, were seen in utilities (electricity gas and water) and in construction.
"The final quarter of the year erased the fragile improvements in the economy registered in the third quarter. In contrast to the Economic Development Ministry's estimates, we believe that the month-on-month decline began in October and intensified in November," VEB's Chief Economist Andrei Klepach is quoted in the report as saying.
