09:08 GMT +3 hours29 November 2014
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Russia’s GDP Grows 4.4% in First Half Rosstat

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Russia’s economy grew by 4.4 percent year-on-year in the first six months of 2012, the Federal State Statistics Service (Rosstat) reported on Monday.

Russia’s economy grew by 4.4 percent year-on-year in the first six months of 2012, the Federal State Statistics Service (Rosstat) reported on Monday.

Rosstat’s GDP estimate coincided with the half-year figure published by the Economic Development Ministry in July.

Russia’s economy expanded by an annualized 4.9 percent in the first quarter and by 4 percent in the second quarter of the year, according to Rosstat.

In January-June 2011, Russia’s GDP grew by 3.7 percent.

Economic Development Minister Andrei Belousov has previously said Russia's economic growth in January-June 2012 was facilitated by a fast rise in investment and rapid output expansion in manufacturing.

In April the Economic Development Ministry cut its forecast for Russia’s economic growth in 2012 from 3.7 percent to 3.4 percent.

The ministry said in June it could revise its GDP growth forecast upward by this fall from 3.4 percent to 3.7-4 percent.