Thursday, April 23, 2009
MOSCOW, April 23 (RIA Novosti) – Russia’s gross domestic product (GDP) declined by an annualized 9.5% in January-March 2009, an Economic Development Ministry official said on Thursday.
Andrei Klepach, a deputy economics minister, said that the GDP decline in March also equaled 9.5%.
(ARTICLE CONTINUES BELOW)
Klepach said the substantial decline in the first quarter was attributable to the slump in construction (a decline of about 20%) and lower tax revenues. The GDP also shrank due to reduced investment and retail trade volumes, Klepach said.
The economics ministry expects the country’s GDP to decline 8.7-10% in April-June 2009 as compared with the same period of last year, Klepach said, adding, however, that the Russian economy “was beginning to rebound.”
This article was posted: Thursday, April 23, 2009 at 10:13 am