The Ministry of economic development reported the acceleration of GDP growth in October

© RIA Novosti / Ramil to Setdiscoverable in photobacteria of economic development in Moscow. Archival photo<img src="/wp-content/uploads/sites/5/2018/11/6142d8f79b7fea8e2cb7165298d66b63.jpg" alt="The Ministry of economic development reported the acceleration of GDP growth in October” />© RIA Novosti / Ramil to Setdiscoverable the image Bank

The growth of Russia’s GDP in annual terms in October accelerated to 2.5% from 1.1% in September, the report says «the Picture business» for November of the current year prepared by the Ministry of economic development.

«According to the Ministry of economic development, in October GDP growth accelerated to 2.5% year-on-year from 1.1% year-on-year in September,» — said in the materials of the Ministry.

According to the Ministry, the increase in GDP growth in October compared to the previous month was caused «primarily by the reversal of the annual dynamics of production in agriculture, which showed an increase of 11.9% year-on-year, after declining 6% in September and 11.3% year-on-year in August.» The document notes that the contribution to the improvement of the GDP dynamics in October also contributed to the acceleration of growth of industrial production and construction works.

«However, continued slowdown in retail trade turnover», — said the Ministry.

According to preliminary data of Rosstat, published on Tuesday, Russia’s GDP in January-September 2018 rose 1.5% in annual terms. For the first nine months of 2017, GDP growth was 1.8%.

Last week Rosstat has published preliminary estimate of GDP growth in the third quarter in annual terms by 1.8 percent, which was worse than estimates of Ministry of economic development 2.2%.

The current forecast Ministry for GDP growth for 2018 is 1.8%.

Source