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Russian Economy Unexpectedly Slows as Recession Specter Returns
Posted By kurtnimmoadmin On August 9, 2013 @ 2:17 pm In Global Crisis | Comments Disabled
Scott Rose & Olga Tanas
August 9, 2013
Russia’s economy unexpectedly slowed in the second quarter to extend a slide that’s stoking concern the world’s biggest energy exporter may be entering a recession.
Gross domestic product expanded 1.2 percent from a year earlier, the Federal Statistics Service in Moscow said today in an e-mailed report. That was below all 19 forecasts in a Bloomberg survey, which had a median estimate of 2 percent. The Economy Ministry had projected that output expanded 1.9 percent in the period.
Enlarge image Russian Economy Unexpectedly Slows to Weakest Pace Since 2009
Sagging investment and household spending, once a mainstay of the economic recovery, are dragging the nation to the brink of a recession, compounding the challenges Russia faces from weaker global demand for its commodities. Russia’s central bank, which left its main rates unchanged for an 11th month today, will probably face another bout of pressure to ease policy after signaling increased concern about the economy.
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