According to MinEconomy, real GDP growth in October decreased further to 2.3% YoY from 2.7% YoY in September. In 10mo12, Russia’s economy added 3.7% YoY. Adjusting for seasonal and calendar factors, the MoM increase in GDP ticked down to 0.1% from 0.4% in the previous month.
Furthermore, MinEconomy suggests that Rosstat significantly revised data on investments growth in 3Q12. In addition, Vedomosti today says that investments grew 7.3% YoY in 3Q12, not 1.4% YoY, as was published previously.
Weakening in GDP growth in October can be partly explained by the unfavourable base effect (in 3Q11, real GDP growth jumped to 5.0% YoY from 3.4% in the previous quarter). The recent reading bodes well for our