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Russia's GDP falls 9.5% year-on-year in 1Q09

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MOSCOW, May 15 (RIA Novosti) - Russian GDP fell 9.5% in the first quarter of the 2009, year-on-year, and 23.2% on the fourth quarter of 2008, the Federal Statistics Service said on Friday.

The Economic Development Ministry earlier attributed the contraction to a slump in construction (a decline of about 20%), lower tax intake, falling investment and retail trade.

The ministry said it expected the country's GDP to decline 8.7-10% in April-June 2009 as compared with the same period of last year.

The ministry estimates that Russia's economy will grow by 1.3% to 2.8% in the second quarter of 2009 as compared with January-March 2009.

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