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Russia's Jan-May GDP up 3.9%

© RIA Novosti . Ilia Pitalev / Go to the photo bankRussia's Jan-May GDP up 3.9%
Russia's Jan-May GDP up 3.9% - Sputnik International
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Russia's Gross Domestic Product rose 3.9 percent in January-May on annualized basis compared to year-on-year 4.3 percent growth, the Economic Development Ministry said.

Russia's Gross Domestic Product rose 3.9 percent in January-May on annualized basis compared to year-on-year 4.3 percent growth, the Economic Development Ministry said on Wednesday.

In May, Russia's economy grew 3.8 percent on annualized basis and 0.4 percent month-on-month due to positive dynamics in industrial production, building and retail trade, the ministry said in a monitoring.

The ministry also said that capital investments returned to growth in April and May, increasing 5.3 percent and 4.3 percent, respectively, after a fall in the first quarter of 2011. In May, investment was up 7.4 percent year-on-year, the ministry said.

The Russian Statistical Service has said capital investments increased in May 7.4 percent on annualized basis and 25.8% month-on-month. Capital investments rose 2.0 percent in the first five months of the year, the service said.

The ministry cut its investment growth forecast for 2011 to 6 percent from 9 percent.

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