OREANDA-NEWS. August 11, 2011. Rosstat today (11 Aug) released its first estimate of 2Q11 GDP growth which came in well below expectations. In 2Q11, GDP reportedly increased by 3.4% YoY vs the 4.0% expected by Bloomberg consensus.

Unfortunately, no details on either the production or the demand side are available at this stage. Whether there were revisions to previous quarters (e.g. 1Q11 growth of 4.1%) is also unknown.

In recent months, monthly data such as PMI and key macro indicators suggests that the economic recovery has lost steam. The overall backdrop offers little support given that further downgrades to global GDP growth figures for this year – and most likely 2012, as well – have already begun.