Posted on 02/03/2020 10:24:34 AM PST by CondoleezzaProtege
The pace of growth in the Russian economy fell by almost half last year, fresh economic data released Monday has shown.
Russia’s GDP grew by 1.3% in 2019, the Russian state statistics agency, Rosstat said. That compares with an official expansion rate of 2.5% recorded in 2018, and is the weakest annual growth since Russia emerged from economic crisis in 2016.
Despite the slow-down, the economy did pick up in the final half of the year, managing to beat pessimistic forecasts from organizations such as the World Bank and International Monetary Fund (IMF) that had suggested Russia would struggle to record growth above 1%. Just two months ago, Kirill Tremasov, a former official at the Economy Ministry who has heavily criticized the quality of Russia’s official statistics, said hitting growth of 1.3% seemed “like a fantasy.”
Rosstat said growth in the natural resources industries, including the production of gas and gas condensate — which jumped by more than 10% — was the biggest contributor to growth over the year. Russia’s finance and insurance sector also expanded by more than 10%, news agency Interfax reported.
Economists expect Russia’s economy to pick up speed this year...
President Putin has repeatedly said he wants Russia to grow “faster than the global average,” to ensure Russia’s share of the global economy is not shrinking. However, Russia has not hit that level in any of the last seven years, and even the most optimistic predictions for the Russian economy still predict that headline GDP growth will fall below the expected 3% growth of the global economy.
(Excerpt) Read more at themoscowtimes.com ...
if the successor to TASS is admitting 1.3, you can rest assured it’s contracting.
It’s much worse than they will ever admit.
“That’s exactly what Putin wanted!!!!”
Maddow
Russia has so much potential, but the corruption there and absolute control by oligarchs will never allow it to fulfill that potential. Consider the population and then consider that their GDP is less than that of California, Texas, and New York.
They continue to fall further behind.
And wait until Germany buys ALL their energy from Russia.
i think THE MOSCOW TIMES is based in Finland.
“” “” Russia has so much potential, but the corruption there and absolute control by oligarchs will never allow it to fulfill that potential. “” “”
Why corruption wasn’t an obstacle 7 years ago?
Believe what you want, But He Loves His Country and Russia today is way more united now, than any western country ever will be in our lifetime.
mark my words...
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