BOFIT Viikkokatsaus / BOFIT Weekly Review 2016/14
Rosstat for the first time also now released revised quarterly GDP figures calculated according to newer international standards. In the fourth quarter of 2015, GDP contracted 3.8 % y-o-y, a drop very similar to that of the third quarter. The on-year drop of more than 12 % in private consumption was more severe than in the previous quarters. In contrast, the volume of exports in the fourth quarter rose 10 % y-o-y, due to large volumes of crude oil exports and a strong recovery in gas exports.
The latest growth figures may contain uncertainties as the work on revision of GDP data continues to move gradually backward in time (BOFIT Weekly Review 6/2016).
Changes in Russian GDP, imports and demand components, %
Source: Rosstat.