MOSCOW (Reuter) — the Russian economy returned to positive growth in November, which allowed the economy to improve the basic forecasts for 2016.
According to the Ministry, gross domestic product grew by 0.5% year-on-year, and the previous month by 0.1 percent, the Ministry said.
“Positive dynamics with seasonal adjustment showed industry, construction, agriculture. Negative contribution came from retail trade”, — stated in the monthly monitoring of the Ministry.
For 11 months of the fall in GDP was, according to the Department, 0.6 percent and an annual assessment of the reduction the Ministry of economy has improved to 0.5 percent from 0.6 previously.
“The main drivers of growth are the improvement in the industry, the wholesale trade, the growth in physical volumes of exports, a slowdown in the decline of investment and the increase in the deflator index due to the growth of export prices”, — the document says.
The economy Ministry also raised its assessment of industrial production growth this year to 1.0 with 0.4%.
In November, Rosstat presented the statistics on industrial production with significant updates for 2015 and 2016, without distribution of the specified further information on the months of the reporting period, noting the correctness of the figures only for 11 months in 2016 (+0.8% year-on-year) and November 2016 (+2.7% yoy), specifies the Ministry of economy, according to which the growth of industrial production in November to October with the removed seasonality amounted to 1.0%.
In a situation with investment demand, the Ministry experts have seen first signs of stabilization, improving the assessment of the fall of investment for the year to 3.0% from the previous 3.7 percent.