Russia’s annualized gross domestic product growth slowed to 2.8 percent in August from 3 percent in July, Deputy Economic Development Minister Andrei Klepach said on Tuesday.
In January-August 2012, Russia’s GDP increased by 4 percent compared with the same period last year.
Russia’s economy expanded by an annualized 4.9 percent in the first quarter and by 4 percent in the second quarter of the year, according to the State Statistics Service Rosstat.
Former Russian finance minister Alexei Kudrin said in April GDP growth below 3 percent meant stagnation while the economy’s expansion by 3-4.5 percent suggested weak and unstable growth.