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Economy in Brief

Russian Third Quarter 2003 Gross Domestic Product Is Up 6.2% 0ver a Year Ago 
by Louise Curley January 6, 2004

The Russian economy continues to show good growth. Although slightly below the pace of the first two quarters, gross domestic product in the third quarter of last year was 6.2% above the third quarter of 2002. Moreover, current indicators in October and November suggest the fourth quarter will be strong.

Russia publishes the monthly changes and the year over year changes in the output of five basic indicators: Agriculture, Construction, Industry, Retail Trade and Transportation Services. These indicators and industrial production frequently foreshadow changes in GDP. The sharp turn around in the increase in agriculture output, which went to positive changes in October and November from negative ones in two of the months of the third quarter, is significant.

Year over Year % Change Nov 03  Oct 03 Sep 03 Aug 03 July 03
Industrial Production 7.08 7.09 7.75 5.19 6.87
Agriculture 8.0 13.1 7.9 -16.2 -11.2
Construction 11.6 14.6 14.7 14.3 15.0
Industry 7.1 7.2 8.0 5.5 7.1
Retail Sales 7.0 7.1 7.0 6.1 7.9
Transportation Services 7.0 7.0 6.0 8.3 7.6
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