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Russian economy slows to 1.1% in June

Russian economy slows to 1.1% in June

Mubasher: Russia’s gross domestic product rose 1.1% in June in yearly terms in June, after growing 2.2% in the previous month, official data showed on Thursday.

Retail sales in Russia rose in the sixth month of 2018 thanks to the World Cup, while output declines were observed in construction, agricultural and industrial, the Ministry of Economy said in a monthly report.

The overall contribution of the World Cup to GDP was over 850 billion Russian rubles (RUB) ($13.35 billion), or 1%, executive director of the Association of Tour Operators of Russia Maya Lomidze told the Russian news agency TASS on Wednesday.

The amount covered “a great deal of infrastructural changes [that] was made in cities and the country essentially assumed almost all costs for travels of fans," Lomidze noted.