OREANDA-NEWS. February 16, 2010. According to the State Statistics Committee, Real GDP decreased by 7%, y/y, in 4Q09. Please note that GDP dropped by 20.3%, 17.8% and 15.9%, y/y in 1Q09, 2Q09 and 3Q09, respectively.

The GDP drop exceeded Millennium Capital's expectations, which was mainly related to a noticeably slower industrial output growth in 4Q09 (estimated at 3.2%, y/y), considering the previous optimistic announcements of the steelmakers. As a result, Millennium Capital expects the annual real GDP drop by around 15%, instead of the previously forecasted 13%.