Russian economy outpaced expectations in 2018

Russia's economy expanded 2.3 per cent last year, growing more quickly than the government and the IMF had predicted, according to state statistics published Monday.

Russia's growth rate accelerated from 1.6 per cent in 2017 and exceeded the economy ministry's prediction of 1.8 per cent as well as the International Monetary Fund's forecast of 1.7 per cent.

The country's economy only returned to growth in 2017 after two years of recession in 2015 and 2016.

Russia's Rosstat statistics agency said that GDP last year was 103.6 trillion rubles (USD 1.578 trillion), with growth in sectors such as hotels and restaurants boosted by hosting the World Cup.

The economy ministry had initially predicted 2.1 per cent growth before revising this down to 1.8 per cent, taking into account the impact of US sanctions on the ruble.

Strong growth in the construction sector of 5.3 per cent was one of the factors that pushed the year's figures higher than expected. This was due to large construction ...