VEB: the rate of decline of Russia’s GDP in June fell to 4.5% after 5% in May – RIA Novosti

MOSCOW, July 22 – RIA Novosti / Prime. , Russia’s GDP decline slowed in June 2015 to 4.5% compared to June of last year, should be an assessment of Vnesheconombank (VEB), placed on the the organization’s website.

“In June 2015 GDP decline slowed down compared to the corresponding period last year rate of decline slowed to 4.5% after 5.0% in May. According to the previous month continued to decline in GDP , amounting to 0.3%. In the second quarter GDP fell by 4.7% to the previous year, against a decline of 2.2% in the first quarter, “- said in a statement.

Negative dynamics with removed seasonality in June showed almost all the components of the basic types of activity: the production of agricultural products (minus 0.2%), mining (minus 0.2%), manufacturing (minus 0.1%), production and distribution of electricity, gas and water (minus 0.1%), construction (minus 0.6%) and retail trade (minus 0,5%).

The positive dynamics with the exception of the season showed only transport (0.1%) and net taxes (0.1%) as a result of renewed growth in the customs duties on the export of natural gas and of excisable products, there is also the message of VEB.

“The slowdown (recession – Ed.) could not stop the downward trend in GDP to the previous month, taking into account seasonal and calendar factors. The trend has continued for six consecutive months and is superior to a prolonged slump during previous crises, “- said the chief economist at the data bank, the ex-Deputy Economic Development Minister Andrei Klepach.

” We estimate that the recession in the third quarter GDP is largely exhausted. This can largely be attributed to the termination of the decline in consumer demand. Favorable harvest may even bring positive quarterly growth in the region. This recovery will be fairly low-key “, – predicts Klepach.