Russian GDP fell 10.1% in H1
MOSCOW. July 15 (Interfax) - Russian GDP fell 10.1% in the first half of 2009 compared with the same period last year, Economic Development Minister Elvira Nabiullina said, citing ministry estimates.
"According to preliminary estimates, GDP in the first half fell 10.1% compared with the same period last year," Nabiullina said at a presentation of the OECD's economic survey of Russia.
The performance is somewhat better than the drop of 10.2%-10.4% that the Economic Development Ministry forecast last week.
Nabiullina also said that seasonally adjusted industrial production in June was 0.8% higher than in May. Nabiullina recalled that industry also posted a production increase in May.
Nabiullina said she is cautiously optimistic that there has been "a slowing of the pace of economic contraction."
The Russian economy has the potential to reverse the decline, she said. The slowing of the crisis in the global economy and the application of the government's anti-crisis measures will make it possible to halt the GDP decline in the second half, she said.
GDP is projected to contract 8%-8.5% in 2009, Nabiullina said.