Russia's gross domestic product (GDP) grew 5.5 percent in the first quarter of 2006 compared with 5.0 percent in the first quarter of 2005, statistics agency Rosstat said on Friday.
Trade grew by 11 percent, mineral extraction by 1.7 percent and manufacturing by 4.6 percent, the agency said. Russia's Economy Ministry forecasts full-year 2006 GDP growth of 6.1 percent, recently revised upwards from 6.0 percent. Economists polled by Reuters last month saw GDP growing even faster, at 6.3 percent.
The Economy Ministry had earlier estimated GDP growth at 4.4-4.6 percent in the first quarter after a cold spell during the winter hit mineral extraction and the manufacturing and construction sectors. "Given the circumstances, the headline number looks pretty good," said Peter Westin, chief economist at MDM Bank.