Russia’s GDP in January-August increased by 1.7%

© RIA Novosti / Ramil to Setdiscoverable in photobacteria of economic development in Moscow. Archival photoRussia’s GDP in January-August increased by 1.7%© RIA Novosti / Ramil to Setdiscoverable the image Bank

Economic growth in Russia for the first eight months of 2017 amounted to 1.7% in August, it accelerated to 2.3% in annual terms, stated in the «Picture of the economy in August,» prepared by the Ministry of economic development.

«After a brief slowdown in July, the GDP growth rate in August again reached the level exceeding 2%. The Ministry of economic development, the GDP growth rate increased in August to 2.3% yoy compared to 1.8% year at year in July,… the growth of GDP over 8 months amounted to 1.7% year-on-year,» — said in the message.

A month ago, the Ministry estimated the GDP growth for July in annual terms by 1.5%. Thus, this indicator has also been improved.

The main contribution to the acceleration of growth in August has made agriculture and industry, noted in the Ministry. «Through increased speed of harvesting, as well as the growth of productivity indicators of harvest reduced the backlog from last year levels, and in some agricultural crops exceeded them,» the authors report.

As a result, the contribution of agriculture to annual GDP growth in August increased to 0.4 percentage points, compared with minus 0.1 percentage points in July. «The improvement was observed in industry. A significant contribution to GDP growth continued to make a recovery of activity in the non-tradable sectors – construction, wholesale and retail trade, transport,» — said the Ministry.

The revised forecast Ministry for GDP growth for 2017 is 2.1%. The head of the Ministry Maxim Oreshkin said earlier that in the second half of the year economic growth will exceed 2% in annual terms. In the first half, GDP growth amounted to 1.5%, data for January-July were not made public.