Russia Q3 GDP growth revised higher to 1.5%Staff Writer | December 13, 2018
Russia's gross domestic product grew by 1.5 percent year-on-year in the third quarter of 2018, up from a preliminary estimate of 1.3 percent and following a 1.9 percent expansion reported in the previous three-month period.
Russia Real estate activities continued to contract
In addition, real estate activities continued to contract (-1 percent vs -1.5 percent) and culture, sports, leisure and entertainment output also fell (-0.5 percent vs 0.5 percent).
On the other hand, output growth accelerated for financial & insurance activities (9.7 percent vs 8.6 percent); wholesale & retail trade (2.1 percent vs 1.9 percent); and administrative & support service activities (3.1 percent vs 1.8 percent).
Within industrial activity, manufacturing expansion slowed to 1.2 percent in the third quarter from 2.8 percent in the previous period.
Meanwhile, mining & quarrying output growth accelerated (5 percent vs 2.6 percent); while a rebound was seen in both electricity, gas & steam, air conditioning (0.7 percent vs unchanged), and water supply, water disposal, organization of waste collection & disposal, pollution control activities (1.8 percent vs -2.2 percent).
Construction output rose 1.6 percent, faster than 0.8 percent in the previous period.
Agriculture, forestry & fishing shrank by 5.7 percent in the three months to September, compared to a 0.3 percent advance in the second quarter.
Considering January to September 2018, the Russian economy grew 1.6 percent, slightly below 1.8 percent in the same period of 2017. ■