OREANDA-NEWS. August 25, 2009. According to Deputy Minister for Economic Development Andrei Klepach, in July Russian GDP was down 9.3% YoY vs. 10.1% decline in June. In seasonally adjusted terms this represents a 0.5% MoM growth, reported the press-centre of OTKRITIE FC.

View. These figures indicate that the decline of the Russian economy seems to be bottoming out, which is a hopeful sign. We believe this improvement comes from a weakening in the pace of the investment slump (-18.9% YoY in July vs. -20.1% in June and -23.1% in May), an easing of pressure via de-stocking, and a further drop in imports. On the negative side, however, the pressure on GDP from deceasing consumption has accelerated, as retail trade was down 8.2% YoY in July (vs. 6.5% in June).