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RBC
The Russian Economic Development Ministry can now safely say that the end of the economic recession is just around the bend for Russia, Deputy Economy Minister Andrei Klepach announced at a news briefing on Tuesday.
"We registered a rise in GDP for two consecutive quarters. Although we have not seen any increases in retail sales or investments, the industrial sector also demonstrated growth in the last two quarters of 2009," the official stated.
Klepach explained that the rise - in light of the seasonal and calendar factors - began in the third quarter, when GDP rose 1.1 percent against Q2 2009. Industrial production, on the other hand, slid 0.5 percent in December against the previous month and compensated for the sharp increase seen in November 2009.
Klepach also provided data on a foreign investment increase (0.8 percent in December) to bolster his claim that Russia is nearing the end of the recession. "Support provided to companies last year has probably had a positive impact, since the energy industry has seen an upturn," Klepach noted.
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