Russia reports 4% growth

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RussiaMoscow

Russia on Friday reported strong second-quarter annualised growth of 4.0 percent, slower than in the first three months of the year but enough to keep the country on pace to become one of the top performers in Europe this year.

The state statistics committee's preliminary assessment was in line with analyst expectations following a surprise 4.9 percent jump in gross domestic product in the first quarter of 2012.

Russia's economy expanded by 4.3 percent last year.

The International Monetary Fund forecasts 4.0 percent growth for Russia on the back of strong consumer demand and a relatively healthy financial sector that has limited borrowings from troubled European banks.

Russia's various reporting agencies often bicker among themselves about statistics, and the economic ministry has in past months issued a more downbeat assessment that forecast growth slowing to as low as 3.7 percent for the year.

President Vladimir Putin had set growth of at least 4.0 percent as a target since returning to the Kremlin for a third term in May. - Sapa-AFP


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