Russia's 2018 GDP growth above target

Russia's 2018 GDP growth above target

The Russian economy grew by 2.3% last year, beating official forecasts, but the expansion did not support private sector consumption, according to preliminary data from the Rosstat statistics service.

The economy ministry last month cited a big rise in construction activity when raising its gross domestic product growth estimate for 2018 to 2% from 1.8%.

Rosstat ramped up its construction sector growth for the first 11 months of last year to 5.7% from the previously reported 0.5%, Reuters reported.

The ministry said earlier that the statistics service may have revised its construction growth figures for Russia’s northern Yamalo-Nenets region.