Tags: Russia | Economy | Grows | Second Quarter | in Row

Russian Economy Grows for Second Quarter in Row

Wednesday, 30 Dec 2009 10:29 AM

Russia's economy grew by 1.9 percent in the fourth quarter from the quarter before, the second straight quarterly increased, the Russian government reported Wednesday.

Russia officially left recession in the third quarter, when the economy grew 1.1 percent.

Prime Minister Vladimir Putin wrapped up his government's performance this year by saying at this year's final government session that that the "active phase of the crisis is over."

Despite pickup over the last two quarters of the year, Russia's GDP is set to drop 8.5 percent for 2009 compared to 2008, while while inflation is set to rise by 9 percent, Putin said.

The 9-percent inflation marks the second time this decade when Russia has held inflation to single digits. While Putin lauded his government for containing a rise in consumer prices, analysts have said that inflation has been held down by flagging consumer demand.

Russia's economy has been badly bruised by the global economic downturn which has seen foreign investors flee Russian markets and sent prices for commodities such as oil and gas — the lifeblood of its economy — plummeting.

Putin has recently unveiled a more optimistic forecast for the GDP growth in 2010 saying that the economy is expected to add 3 percent.

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Russia's economy grew by 1.9 percent in the fourth quarter from the quarter before, the second straight quarterly increased, the Russian government reported Wednesday. Russia officially left recession in the third quarter, when the economy grew 1.1 percent. Prime Minister...
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2009-29-30
Wednesday, 30 Dec 2009 10:29 AM
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