World Economy

Russia GDP Down 4.6%

Russia GDP Down 4.6%Russia GDP Down 4.6%

Russia’s GDP dropped 4.6% in July 2015 but was up 0.1% net of the season factor, ministry of economic development said.

“According to the assessment of the Russian Ministry of Economic Development, GDP fell 4.6% year-on-year in July; GDP declined 3.6% year-on-year since the beginning of 2015,” the ministry said, Tass reported.

The ministry made a downward revision of the GDP drop in June from 4.2 to 4.5%.

Mineral resources production, processing industries, production and distribution of electric power, gas and water and retail trade exerted positive influence on GDP dynamics in July net of the seasonal factor. At the same time, the decline in construction and investments remains the key adverse factor, the ministry said.

According to the ministry, Russia’s foreign trade surplus fell 34% year-on-year in July 2015 to $11.2 billion.

Export of goods in July totaled $28.2 billion and fell 39% year-on-year and 6.9% month-on-month. Import of goods amounted to $17.0 billion in July 2015, down 41.9% against July 2014 but up 2.8% vs. June 2015, the ministry said.

Russia’s export to non-CIS nations dropped 40.5% year-on-year in July to $24.4 billion. Export to CIS states fell 36.5% in annual terms.

The like-for-like import from non-CIS countries fell 43% in July 2015 to $14.7 billion. Import from CIS states swamped 33.1% year-on-year to $2.3 billion, the ministry said.

Russia’s retail trade turnover declined 9.2% year-on-year in July and 8.1% in seven months of 2015.