VNESHECONOMBANK: Russia’s GDP in January 2016 fell by 3.1%

MOSCOW, March 9. The decline in GDP in January 2016 to the corresponding period of last year amounted to 3.1% against 3.8% in December 2015. This is stated in the message on the web. According to the Ministry, the GDP decline in January slowed to 2.5%.

“In January 2016 the macroeconomic situation was characterized by a continuation of the decline in economic activity. Assessment of Vnesheconombank, in January of this year GDP with the exception of seasonal and calendar factors in relation to the previous month decreased by 0.2%, against 0.1% in December 2015. The January decline is largely due to sharp decline in manufacturing (-1.5 percent), construction (3.3 percent) and trade (of -0.6%). The negative impact on GDP dynamics has partially offset the positive growth rates of production and consumption of gas and water (6.3 percent), and net taxes (0.1 percent)”, – stated in the message on the web.