Revised figures show some shifts in Russian GDP components in the past few years

BOFIT Viikkokatsaus / BOFIT Weekly Review 2016/14

Rosstat’s revised annual data found no change in the GDP growth figures in 2012–2015. Compared to the previous data released early February, the import numbers have moved up and down for 2013–2014, although the reduction in the level of imports in 2015 was less than 1 %. Compared to earlier figures, private consumption showed a larger 2013 increase and a slightly smaller 2015 decrease. Revised fixed investments in 2014 fell considerably more than previously reported, lowering the level of investments by 2 %. The volume of exports increased in 2014–2015 slightly more than under the previous data.

Rosstat for the first time also now released revised quarterly GDP figures calculated according to newer international standards. In the fourth quarter of 2015, GDP contracted 3.8 % y-o-y, a drop very similar to that of the third quarter. The on-year drop of more than 12 % in private consumption was more severe than in the previous quarters. In contrast, the volume of exports in the fourth quarter rose 10 % y-o-y, due to large volumes of crude oil exports and a strong recovery in gas exports.

The latest growth figures may contain uncertainties as the work on revision of GDP data continues to move gradually backward in time (BOFIT Weekly Review 6/2016).

Changes in Russian GDP, imports and demand components, %
201614r2.png
Source: Rosstat.

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