BOFIT Viikkokatsaus / BOFIT Weekly Review 2016/06
The new GDP figures include estimates of gains from living in one’s own home, labour employed by households, capital consumption based on the market value of capital, as well as revised estimates of grey wages. The reassessed GDP 2014 data also provide wider coverage of R&D activity and defence spending.
While the biggest upward impact to the new 2014 GDP estimate came from a revised private consumption figure, the largest relative increase occurred in the value of fixed capital investment. Fixed investment accounted for over 21 % of GDP in 2014 and 22 % in 2015. On the supply side, the real estate branch’s added-value had the largest impact as it soared by 50 %. State administration and defence sector lumped together were also up 45 %.
Real GDP growth figures for 2012–2014 only changed slightly. On the other hand, practically all GDP categories (consumption, fixed investment, exports and imports, as well as production branches) saw adjustments of growth rates to a varying degree. It is unclear whether inclusion of Crimea data impacted the 2014 growth figures. Crimea accounts for about half of a per cent of Russian GDP.
Changes in supply and demand components 2012–2015
Source: Rosstat.