3Q real GDP second revision

Макроэкономика 11.12.2014 The state statistics service's second revision of 3Q GDP yielded a 5.3% YoY decline, slightly larger than the previously reported 5.1%. While agriculture proved to be the most recession resilient sector as it grew 25.9% YoY in real terms, the worst performing sectors were industrial processing and retail trade, down 15.2% and 17.8%, respectively. In the breakdown of GDP expenditure, household consumption fell 13.2%, fixed-investments slowed a massive 29.9%, exports declined 19.3%, and imports contracted 32.2%. As we expect 4Q to decrease 13.7%, we project a full-year decline of 6.3%.