Russian Q2 growth expands 5.4% on year

| July 27, 2010
a�?Russian

Russiaa��s economy improved in the second quarter of 2010 after figures showed growth of 5.4% compared with the same period a year ago.

Economic growth has been driven in the three month period by rising consumer demand, according to the countrya��s deputy economy minister, Andrei Klepach.

In the first quarter, GDP expanded 2.9% from the same period the year earlier. “We are talking about an acceleration of growth,” Klepach said.

The figures will boost the economy, which contracted 7.9% in 2009 – the largest annual fall in 15 years.

The Russian economy, which is heavily reliant on oil exports, suffered from a severe downturn but it appears the economy is now on the road to recovery.

The Government has forecast the economy to grow by 4% this year.

“The factors of growth remain fairly fragile with the exception of consumer demand,” added Klepach.

Russia’s statistical agency, Rosstat, will publish the official growth figures next month.

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