Russian economic growth slows

May 17th, 2011 | By | Category: Asides

The latest preliminary figures from Russia’s Federal Statistics Service show that the country’s economy grew 4.1 per cent in the first quarter of 2011, view compared with the same period in 2010.

The growth was broadly in keeping with government projections, viagra 100mg with Prime Minister Vladimir Putin predicting an overall GDP growth of 4.2 per cent this year. It does, however, represent a slower growth rate than the previous three quarters, when the Russian economy grew 4.5 per cent.

Tatiana Orlova, a UK-based economist at Nomura Holdings Inc., told Bloomberg, “The GDP number is surprisingly poor and reflects, in our opinion, the diminishing link between oil prices and Russian economic growth.” However, Sanna Kurronen from Danske Bank said an even lower growth figure had been expected.

President Dmitry Medvedev has pledged to try and boost economic growth to 10 per cent within the next five years, in a bid to keep pace with the growth rates of the fastest-growing developing economies. However, some have expressed concern that Russia’s dependence on energy exports may lead to sluggish growth rates in the coming years.

More detailed figures are expected to follow these preliminary statistics next month.

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