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Saturday 05th of February 2011
November 12, 2009    

Russia’s economy sees 13.9% growth in Q3

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by Kay Murchie

Statistics body Rosstat has today announced that Russia’s economy expanded by 13.9% in the third quarter compared with the second quarter.

However, when compared with the same period a year ago, the Russian economy contracted by 8.9%.

The economy, which is heavily reliant on oil exports, has suffered from a severe downturn but the latest figures show that Russia is on the road to recovery as a result of the rebound in oil prices.

Russia’s Economics Ministry is predicting the economy will contract 8.5% in 2009, but will see growth of 3% in 2011 and 4.3% in 2012.

Earlier this week, the World Bank forecast Russia’s economy would contract 8.7% in 2009 and predicted only a very weak recovery in 2010.

In related news, Russia’s largest retail bank Sberbank announced yesterday it would reduce headcount by 25% - or 67,000 jobs by 2014.

However, around 27,000 of the jobs will be axed by the end of 2009, said the bank.

The bank, which is state-controlled, has been hit by the economic downturn and the cuts are part of a modernisation plan.

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