Russian Economy Contracts At Slower Pace In September

Sponsored Links

The Russian economy shrank again in September, but the rate of decline eased markedly, the VTB Capital and Markit Economics said on Tuesday.

The gross domestic product or GDP indicator dropped 2.1% on an annual basis in September, compared to the 3.9% fall in August. This was the tenth consecutive month of decline in GDP.

The economy contracted 4.1% annually in the third quarter, bettering from the record fall of 9.2% in the second quarter.

The seasonally adjusted total activity index increased to 54 in September from 52.2 in August, signaling an acceleration in economic recovery, the VTB said.

Aleksandra Evtifyeva, Senior Economist at VTB Capital said, ""The Russian GDP Indicator stayed on the recovery track in September. "

"The most encouraging surprise was the manufacturing PMI rising to above the 50-no change mark for the first time since July 2008.", he added.

Similarly, nation's services Purchasing Managers' Index or PMI increased to 52.2 in August from 48.5 in July.

The Russian economy shrank again in September, but the rate of decline eased markedly, the VTB Capital and Markit Economics said on Tuesday. (Market News Provided by RTTNews)