Russian GDP growth quickens to 1.3% in May - Klepach
MOSCOW. June 25 (Interfax) - Russian GDP growth accelerated to 1.3% in May this year, compared with the same month of 2013, Deputy Economic Development Minister Andrei Klepach told Interfax.
There was zero GDP growth on a seasonally adjusted basis in May, Klepach said.
The Russian Economic Development Ministry has estimated year-on-year GDP growth at 1.1% and seasonally adjusted growth at 0.1% in April.
Economic Development Minister Alexei Ulyukayev said on Wednesday that the economy grew an estimated 1.1% year-on-year in May and that he saw no grounds for this sort of growth to slow to any great extent in the year as a whole.
The Federal State Statistics Service (Rosstat) has said industrial output grew 2.8% year-on-year in May, compared with growth of 2.4% in April. It has said investment decline slowed to 2.6% in May, from 2.7% in April. Growth in retail trade turnover, though, slowed to 2.1% in May, from 2.7% in April.
The Econ Ministry will submit its adjusted economic forecast at the beginning of September. Economic Development Minister Alexei Ulyukayev has said the GDP forecast might be revised up from 0.5% growth.
The Central Bank, though, has given a more conservative forecast of 0.4% growth for 2014.
Analysts told Interfax in a consensus forecast at the end of May that they thought the economy might grow 0.3% in 2014.