- Sputnik International
Russia
The latest news and stories from Russia. Stay tuned for updates and breaking news on defense, politics, economy and more.

Russia's economic slump to continue into 2Q09 - government

Subscribe
The economic recession in Russia, which began in the fourth quarter of last year, will continue into the second quarter of 2009, the government said in an updated version of its socioeconomic forecast on Wednesday.
MOSCOW, March 18 (RIA Novosti) - The economic recession in Russia, which began in the fourth quarter of last year, will continue into the second quarter of 2009, the government said in an updated version of its socioeconomic forecast on Wednesday.

The government said rescue measures introduced would begin to yield results by the end of the second quarter. Late last year, the government pledged a total of 325 billion rubles ($11.7 billion) to prop up the real economy badly hit by the global financial crisis.

Russian exports will see a 45% decline and investment will fall 13.8% in 2009, the government said.

"GDP growth could decline 4-5 percentage points," the document said.

The Economic Development and Trade Ministry said on Wednesday budget spending would decline 1% year-on-year to 3.1% of GDP and reiterated that industrial growth would drop to 7.4%.

Steelmakers, producers of construction materials, machine-building and wood processing companies, and light industry will be among those hardest hit in 2009, according to the ministry.

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала