11 Dec 2009 13:54

GDP rose 13.8% in Q3 compared with Q2, but fell 8.9% vs Q3 2008

MOSCOW. Dec 11 (Interfax) - Russian GDP declined 8.9% in the third quarter year-on-year to 10.490 trillion rubles, the Federal State Statistics Service (Rosstat) reported on Friday.

That estimate coincides with Rosstat's initial estimate published in November.

Third quarter GDP was 13.8% higher than in the second quarter.

GDP in January-September totaled 28.299 trillion rubles, a decline of 9.9% year-on-year, Rosstat said. That also corresponds to its initial estimate.

The GDP deflator index was 99% in Q3 2009.

The biggest year-on-year drops in added value in Q3 were 19.7% in construction and 14.6% in manufacturing. There were drops of 9% in trade, 2.3% in the extractive industry, 9.9% in utilities, 5.8% in financial services and 4.9% in transport and communications.

The Russian Economic Development Ministry estimates that GDP fell 9.6% year-on-year in January-October. There is no estimate for October yet.

The Russian authorities think GDP will shrink 8%-8.7% this year. Analysts told Interfax in a consensus forecast at the end of November that they thought a 7.8%-drop was likely.

The Econ Ministry forecasts GDP will grow 1%-3% in 2010 and analysts say 2.5%.