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Russia Q3 GDP growth revised higher to 1.5%

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Staff Writer | December 13, 2018
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Russia   Real estate activities continued to contract

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.

Within the service sector, growth slowed for: accommodation & food service activities (5.6 percent vs 6.9 percent in Q2); transportation & storage (3.2 percent vs 3.9 percent); public administration & defence, compulsory social security (0.3 percent vs 2.8 percent); and information & communication (2.2 percent vs 3.3 percent).

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.


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