Russia’s GDP growth slumps to 1.6 per cent

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    Moscow, (IANS/RIA Novosti) There was just 1.6 per cent growth witnessed in the Russian GDP in the first quarter this year, which is its fifth quarterly fall, according to the country’s federal statistics service.

    That is more optimistic, however, than deputy economic development minister Andrei Klepach’s earlier estimate of growth slowing to 1.1 per cent.

    In April, the ministry reduced its annual GDP forecast from 3.6 per cent to 2.4 per cent.

    Russia’s GDP growth slowed throughout 2012, falling from 4.8 per cent in the first quarter to 4.3 per cent in the second, 3 per cent in the third and 2.1 per cent in the fourth.

    In late April, Russian President Vladimir Putin urged the government to work out measures to boost growth and stimulate the country’s faltering economy.