Russian economy contracts 10.5 pct in April

Russia's economy contracted by 10.5 per cent in April against a year earlier, Deputy Economy Minister Andrei Klepach said on Tuesday, quoted by Russian news agencies.

Russia's economy contracted by 10.5 per cent in April against a year earlier, Deputy Economy Minister Andrei Klepach said on Tuesday, quoted by Russian news agencies.

HT Image

The fall in gross domestic product (GDP) for the first four months of the year was 9.8 per cent by comparison with the same period last year, he said.

On a seasonally adjusted basis, GDP declined by 0.4 per cent in April compared to March of this year, although this was less sharp compared to the 0.8 per cent fall between February and March, he said.

He said the economy ministry was still forecasting an overall decline in GDP for 2009 of six to eight percent, although this might change.

Among other gloomy indicators, he said Russia's trade surplus had halved in April from the same month last year, falling to 7.5 billion dollars from 14.8 billion dollars.