Russia’s GDP grows by almost 4% in jan-june period

In July Russia’s economy has demonstrated a stable tendency to restore its growth: the GDP grew by 3.9 percent this July against corresponding month 2010, and the similar growth /by 3.9 percent/ was registered in the first half year of 2011 against the first six months of 2010. With the seasonal and calendar factors, the economy growth this July made 0.3 percent of the GDP /in May it was slightly higher – 0.4 percent of the GDP/, Deputy Minister of Economic Development Andrei Klepach reported by Itar-Tass news agency as saying. There is certain slowdown of growth of foreign investments in Russia’s economy, he said. In June, Rosstat reports, it made 4.7 percent, with the seasonal and calendar factors growth of investments over the month made 0.4 percent. “At the same time, if in the first quarter the growth was negative /minus 0.8 percent/, there was sufficient positive growth in the second quarter /plus 4.9 percent/, which means that the second quarter compensated the descent of the first one,” Klepach said. Thus the growth of investments over January-June made 2.7 percent. Earlier, the ministry forecasted the annual growth of six percent and it still sticks to it. “As yet, I believe the figure of six percent is realistic,” he said explaining that the ministry is expecting another “investment boom” in the remaining months of 2011, which will make it realistic to approach the desired level. Despite the unstable growth of investments during the first six months, Russia’s construction industry demonstrated stable development, he continued. As for this sector, the ministry’s calculations match those of Rosstat: plus one percent in June 2011 against June of 2010 and 0.8 percent with the seasonal and calendar factors – June against May. Klepach informed that the industrial production growth in June made 0.7 percent, as the ministry had calculated, that of manufacturing industry – 1.1 percent. The ministry named the leaders of industrial growth: metallurgy, production of machinery and transport vehicles. Negative growth was registered in food, electric equipment and chemical industries. As of June 2011, Russia’s trade surplus made 31.4 percent /249.5 billion US dollars/. Export in June 2011 against June 2010 grew by 37.8 percent /44.6 billion US dollars/, import – by 42.6 percent /28 billion US dollars/. The growth of import over the first six months made 42.3 percent.