1 Feb 2010 12:23

Russia's GDP contracted 7.9% in 2009, most since 1994

MOSCOW. Feb 1 (Interfax) - Russia's gross domestic product came to 39.016 trillion rubles in current prices in 2009, a drop in real volume of 7.9% from 2008, according to preliminary data released by the Federal State Statistics Service (Rosstat) on Monday.

This drop was right in line with analyst expectations (a consensus-forecast compiled by Interfax in late 2009 also produced the 7.9% figure), and actually proved less than the 8.5% drop the Economic Development Ministry had forecast.

Rosstat has yet to release Q4 stats, but the annual data indicate that contraction in the fourth quarter might well have slowed to a little over 2% by annual comparison from 8.9% in Q3, 10.9% in Q2, and 9.8% in Q1. in 2008, GDP grew 5.6% (8.7% in Q1, 7.5% in Q2, 6.0% in Q3, and 1.2% in Q4).

The GDP index-deflator for 2009, compared to 2008 prices, was 102.7% against 118.8% in 2008.