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Russian GDP YoY growth down to 4.0% in 2Q12

According to Rosstat, Russian GDP growth was at 4.0% YoY in 2Q12, down from 4.9% in 1Q12.

According to our calculations, QoQ seasonally adjusted annualised growth slowed to just 1.7% in 2Q12, from 3.4% in 1Q12 and 4.9% in 4Q11. Rosstat’s first estimate came slightly higher than the estimate from MinEconomy, but was in line with our expectations of economic growth slowing down and 3.5% growth for 2012 as a whole. We note that Rosstat’s first estimate of GDP does not include any breakdown on the constituants of GDP (the first details will be available in mid September).

Maxim Oreshkin, Daria Isakova
VTB Capital analyst

Russia, GDP, Rosstat

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