The Ministry of Economic Development and Trade of Russia has refined economic development figures in 2013

In the first quarter, macroeconomic situation was characterized by simultaneous slowdown in growth rates of external and internal demand. According to a preliminary estimation, the first quarter saw an absolute reduction of export volumes.

In addition, low business activity in the industrial production and investment sectors had an adverse effect on the domestic market. Industrial growth rates began to slow down in May 2010 and began to show negative values early in 2013. A decrease in the investment demand has been accompanied by a trend in capital outflow which amounted to $25.8bn in the first quarter of this year. 

Under the circumstances, the Ministry of Economic Development and Trade of Russia reduced its forecast of GDP growth rates in 2013 to 102.4 % against the previously made forecast of 103.6%. At the same time, capital investments and industrial output are expected to decrease by 4.6% and 2.0%, respectively.

Izryadnova O.I. – Head of Structural Policy Department