The Economic Development Ministry has marked down its growth estimate for the first nine months of 2013 to 1.3 percent, from 1.5 percent, but left its expectation for the year unchanged at 1.8 percent, Interfax reported.
Third-quarter growth was estimated at an annualized rate of 1.2 percent, equalling the rate in the second quarter but down from 1.6 percent in the first quarter.
Initial estimates had foreseen greater net tax revenues, Deputy Economic Development Minister Andrei Klepach said, and the dynamic of wholesale trade had turned out to be worse than predicted.
The third quarter saw annualized 0.3 percent industrial growth, Klepach said, mostly thanks to power generation and heating, which countered a fall in processing industry.
Consumer spending, meanwhile, fell 0.2 percent in September from August, when adjusted for seasonal effects.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
