Russian economic growth slows down in May

MOSCOW, June 23 (Xinhua): Russian gross domestic product (GDP) growth slowed down drastically in May to 0.2 per cent year on year from 1.7 per cent in April, the Economic Development Ministry said Friday.

The growth in the first five months this year was 0.7 per cent, compared with 1.8 per cent in January-May 2018, according to the official data.

The ministry said the significant deceleration in the GDP growth was mainly caused by weak dynamics of industrial output, which expanded just 0.9 per cent in May, well down from 4.6 per cent in April.

Production growth continued to slow down in the mining sector to 2.8 per cent in May from 4.4 per cent in April.