icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Russian economic growth better than expected amid Western sanctions & global slowdown

Russian economic growth better than expected amid Western sanctions & global slowdown
The Russian economy expanded by 1.4 percent last year, the Ministry of Economic Development has said in its latest report. Annual growth is weaker than in 2018, but beat the ministry’s own forecast.

GDP rose 2.3 percent in the last quarter of 2019, bringing the annual results 0.1 percent higher than the Ministry of Economic Development earlier projected. Non-primary industries and taxes, as well as the manufacturing sector contributed most to the results, the report released on Tuesday says.

Also on rt.com Russia's forex reserves reach pre-crisis levels, topping $555 billion

In 2018, Russia’s GDP added 2.5 percent, according to the document, while the World Bank said that growth stood at 2.3 percent, the highest in six years, despite tightening Western economic sanctions against Russia.

Global growth decelerated to 2.9 percent last year, the slowest pace since the global financial crisis, according to the International Monetary Fund (IMF). The forecast for 2020 is more positive, with the global economy set to expand 3.3 percent. However, the lender said that the rebound is highly sensitive to US-China trade negotiations, while the world’s two biggest economies are still trying to hammer out a comprehensive agreement to end their longstanding trade war.

Also on rt.com Russia among Europe’s top performing stock markets in 2019

For more stories on economy & finance visit RT's business section

Podcasts