Transport and communications are among sectors of Russian economy which suffered the biggest drops in added value in Q2 2009 compared with Q2 2008.
A 10.9% year-on-year drop in GDP in Russia in the second quarter was fuelled by the slump in the construction and manufacturing sectors, the Federal State Statistics Service (Rosstat) said.
GDP was 9.326 trillion rubles in current prices in Q2 2009. It fell 10.9% in real terms in Q2 2009 compared with Q2 2008, but grew 7.4% compared with Q1 2009. The GDP deflator index was 102.7% in Q2 2009 compared with Q2 2008 prices.
GDP was 17.809 trillion rubles in current prices in the first half of 2009. It fell 10.4% year-on-year in real terms.
The biggest drops in added value in Q2 2009 compared with Q2 2008 were 20.5% in construction and 18.7% in manufacturing. There were also significant drops of 11.3% in trade, 10.2% in transport and communications, 5.1% in the extractive industry, 6.7% in utilities and 5.4% in financial services.
The Russian Economic Development Ministry says economic decline has now bottomed out and is forecasting that GDP will decline 8.5% in 2009 as a whole. It estimates the economy shrank 9.3% year-on-year in July 2009 but grew 0.5% on a seasonally adjusted basis compared with June 2009.
Analysts are less pessimistic: they said in a consensus forecast for Interfax at the end of August that they thought GDP would fall 7.3% this year.
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