Russia’s GDP Shows Zero Growth, Outlook Grim – Minister

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Russia’s GDP in the first eight months of the year grew 1.5 percent year-on-year, but seasonally adjusted month-to-month growth was zero, Economic Development Minister Alexei Ulyukayev said Saturday.

SOCHI, September 28 (RIA Novosti) – Russia’s GDP in the first eight months of the year grew 1.5 percent year-on-year, but seasonally adjusted month-to-month growth was zero, Economic Development Minister Alexei Ulyukayev said Saturday.

August has turned out to be “worse than July,” he told an international investment forum in the southern Russian city of Sochi. “There are no visible signs of change for the better.”

The minister also urged Russians to prepare for a worsening unemployment situation next year due to economic stagnation.

Unemployment is expected to reach 6 percent next year, Ulyukayev said. The current unemployment rate is slightly above 5 percent.

He also said the ministry does not expect inflation to slow down in October, and is expected at 6.1-6.2 percent.

As of September 23, annual inflation remained at 6.2 percent.

Russia’s Finance Minister Anton Siluanov said earlier this month his ministry expects inflation to reach 5.5-6 percent in 2014, although a freeze in tariffs for natural monopolies could hold it down to 5 percent or lower.

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