SOCHI: Russia's gross domestic product grew by 1.6 percent year-on-year in August, Economy Minister Alexei Ulyukayev said on Saturday, slowing down from July's 1.8 percent rise.
"August turned out to be slightly worse than July. There is no visible improvement," Ulyukayev told a briefing on the sidelines of an investment forum in the Black Sea resort of Sochi.
GDP was flat in August versus July, on a seasonally adjusted basis, and grew by 1.5 percent in January-August compared with the same period last year, he said.
The Russian economy grew at the slowest pace in the second quarter since the 2009 recession, at 1.2 percent year-on-year, reflecting weaker exports and subdued consumer and investor demand at home.
The economy ministry in August cut its 2013 growth forecast for the second time this year, to 1.8 percent from 2.4 percent. The International Monetary Fund cut its Russia growth forecast to 1.5 percent this month, while the World Bank has lowered its growth estimate for Russia this year to 1.8 percent.
Ulyukayev also said that Russia's consumer price index was expected to rise by an annual 6.1 to 6.2 percent in October and that 2013 inflation was seen at 6.0 percent - within the central bank's target range - and down from 6.6 percent last year.
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