Russian economic growth slows to 1.5% y-o-y in July

[MOSCOW] Economic growth in Russia slowed in July compared with the previous month, the economy ministry said on Monday.

Gross domestic product (GDP) grew by 1.5 per cent year on year in July after expanding 2.9 per cent in June, the ministry said.

A worse performance in the agriculture sector, manufacturing and retail sales all weighed on GDP growth in July, the ministry said in a monthly report on the economy.

"July data should hardly be interpreted as a shift in the positive trend," the ministry said, adding that industrial production was likely to recover in August.

REUTERS