Russia's GDP growth slumps to 1.6 percent

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IANS | 18 May, 2013
There was just 1.6 percent growth witnessed in the Russian GDP in the first quarter this year, which is its fifth quarterly fall, according to the country's federal statistics service.

That is more optimistic, however, than deputy economic development minister Andrei Klepach's earlier estimate of growth slowing to 1.1 percent.

In April, the ministry reduced its annual GDP forecast from 3.6 percent to 2.4 percent.

Russia's GDP growth slowed throughout 2012, falling from 4.8 percent in the first quarter to 4.3 percent in the second, 3 percent in the third and 2.1 percent in the fourth.

In late April, Russian President Vladimir Putin urged the government to work out measures to boost growth and stimulate the country's faltering economy.