Russian economy unexpectedly accelerated

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www.vsyako.netPhoto: Maxim Shemetov / Reuters

In the third quarter of the current year Russia’s GDP grew by 1.9 percent against the same period last year, and in September he reached two percent. This is almost four times more than in the first quarter of the year and twice more than in the second, according to the report of Ministry of economic development.

Since the beginning of the year, GDP growth is estimated at 1.2 percent. The office noted that the acceleration in the third quarter is unstable and is associated with one-off factors.

We are talking about the increase in inventories, which in turn is associated with high performance in the industry and high yield amid weak domestic demand. While weakening consumer demand can lead to the fact that the fourth quarter GDP may slow down to 1.4-1.5 percent.

The decline in demand amid the largest in recent years, growth in real disposable incomes of Russians in economic development explained by two factors. The first is the slowdown of consumer credit, and the second increase in the debt burden of the population. The Ministry also reported that private basic industries in the third quarter showed weak growth, and turnover of transport and is slowed down to 0.6 percent.

October 17, Rosstat published statistics on the incomes of Russians in the third quarter. Growth in real disposable income was three percent compared to the same period of 2018. This is the highest figure since the fourth quarter of 2013.

Video, photo All from Russia.

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