Russia's GDP in the first quarter increased by 0.5%

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The economy of the Russian Federation in the first quarter increased by 0.5% compared to the same period a year earlier, continuing to slow down in the fourth quarter of last year, the Federal State Statistics Service reported. This growth rate was the lowest since the fourth quarter of 2017. The main reason for the slowdown is the reduction in trade turnover in real terms. At the same time, production in industry increased by 0.6%, in the transport and logistics complex - by 0.2%. According to a preliminary assessment of the Ministry of Economic Development of the Russian Federation, it was assumed that GDP grew by 0.8% in the first quarter. The Bank of Russia also expected more significant growth in the first quarter. According to its forecast, GDP should have increased in annual terms by 1-1.5%

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