Russian economy grows 2.4% in Aug, 3.7% in 8 mths

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Russian economy grows 2.4% in Aug, 3.7% in 8 mths

SOCHI. Sept 17 (Interfax) - Russian GDP grew 2.4% year-on-year in August and 3.7% in January-August 2010, Economic Development Minister Elvira Nabiullina told reporters on the sidelines of the investment forum in Sochi.

Nabiullina said industrial output grew 0.1% on a seasonally adjusted basis, but was held back by a 9.6%-drop in agricultural output compared with July 2010. Construction sector output rose 1.7%.

Fixed asset investment rose 4.3% on a seasonally adjusted basis in August.

Retail trade turnover fell 0.5% on a seasonally adjusted basis in August but this, Nabiullina said, was temporary, due to the heat wave and growth in food prices.

The Econ Ministry is forecasting GDP growth of 4.0% this year as a whole.