Russia’s GDP down 4.6% in July 2015

MOSCOW: Russia’s GDP dropped 4.6% in July 2015 but was up 0.1% net of the season factor, Ministry of Economic Development said on Friday.

“According to the assessment of the Russian Ministry of Economic Development, GDP fell 4.6% year-on-year in July; GDP declined 3.6% year-on-year since the beginning of 2015,” the ministry said.

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The ministry made a downward revision of the GDP drop in June from 4.2 to 4.5%.

Russia’s foreign trade surplus down 34% in July

According to the ministry, Russia’s foreign trade surplus fell 34% year-on-year in July 2015 to $11.2 bln.

Export of goods in July totaled $28.2 bln and fell 39% year-on-year and 6.9% month-on-month. Import of goods amounted to $17.0 bln in July 2015, down 41.9% against July 2014 but up 2.8% vs. June 2015, the ministry said.

Russia’s retail trade turnover declined 9.2% year-on-year in July and 8.1% in seven months of 2015.