Russia’s gross domestic product in Q1 2011 grew 4.1% from a year earlier, the Federal Statistics Service said Monday, below both the Economy Ministry’s estimate and the banks’ consensus. Both the ministry, which had expected a 4.5% growth, and analysts, who had expected on average a 4.2% growth, noted that the country’s GDP grew amid low investment demand in the whole economy. “We were anticipating an even lower figure, as we expected the robust growth in retail sales to have supported imports,” Sanna Kurronen from Danske Bank said. The more detailed figures will be available mid-June.
Source: www.freshplaza.com