MOSCOW May 6 Russia's economy is likely to
shrink in the second quarter of 2014, which would be the second
quarter of contraction in succession, state-run news agency RIA
reported on Tuesday.
It quoted Maxim Oreshkin, director of the ministry's
long-term planning department, as saying output of electricity,
freight transport and gas production had been weak in April and
that business activity indicators did not give reason for
"Everything points to GDP for the second quarter declining
compared with the previous quarter, seasonally adjusted, for the
second time in a row," Oreshkin was quoted as saying.
He said economic performance in the third quarter would
depend largely on the level of geopolitical uncertainty and how
sharply bank lending slowed against the background of a rise in
the central bank's key interest rate and a substantial rise in
money market rates.
(Reporting by Nigel Stephenson)