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Russian GDP growth slows in Q1

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Russia’s economy grew at the weakest pace since 2009 in the first quarter as the euro area’s recession hurt demand for commodity exports and investment at companies. Gross domestic product rose 1.6% from a year earlier, slowing for a fifth consecutive quarter, the Federal Statistics Service in Moscow said Friday. The GDP slowdown prompted the Economy Ministry last month to cut its 2013 growth forecast to 2.4% from 3.7%. That is slower than last year’s 3.4% expansion. Russia probably won’t slide into recession without an external shock, such as a downturn in the global economy, according to Deputy Economy Minister Andrei Klepach. While the euro area is stagnating, some improvement there is expected in the second half, he told reporters last Thursday.

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