Russia’s Gross Domestic Product rose 3.9 percent in January-May on annualized basis compared to year-on-year 4.3 percent growth, the Economic Development Ministry said on Wednesday.
In May, Russia’s economy grew 3.8 percent on annualized basis and 0.4 percent month-on-month due to positive dynamics in industrial production, building and retail trade, the ministry said in a monitoring.
The ministry also said that capital investments returned to growth in April and May, increasing 5.3 percent and 4.3 percent, respectively, after a fall in the first quarter of 2011. In May, investment was up 7.4 percent year-on-year, the ministry said.
The Russian Statistical Service has said capital investments increased in May 7.4 percent on annualized basis and 25.8% month-on-month. Capital investments rose 2.0 percent in the first five months of the year, the service said.
The ministry cut its investment growth forecast for 2011 to 6 percent from 9 percent.