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Failed quarter
Russia's GDP takes a steeper dip than others
The drop in Russia's GDP (down 8.9 percent) proved to be the deepest of all 11 leading economically developed countries in the third quarter of 2009, the Federal State Statistics Service (Rosstat) revealed. Japan performed worst of all in terms of industrial production, showing a decline of 26.5 percent, while the highest inflation figure came from India (11.6 percent), and France led in terms of unemployment (10 percent). Based on publications by the International Monetary Fund, Organization for Economic Cooperation and Development, and preliminary data from national statistics services, Rosstat put the Russian GDP fall at 8.9 percent in Q3 2009 compared to Q3 2008, while the UK (down 5.2 percent) came in second, and Germany (4.8 percent) was third. These three are followed by Italy (down 4.6 percent), Japan (down 4.5 percent) and France (down 2.4 percent). America’s GDP was the most resilient, falling by only 2.3 percent. There is no data provided for Brazil, India, Canada and China over the same period. In January-September 2009, Chinese GDP climbed an impressive 7.7 percent. In terms of waning industrial production among G8 countries in January-September 2009, Italy followed Japan with a decrease of 20.1 percent and Germany with a decrease of 18.3 percent. Russia took fourth place (down 13.5 percent). In the UK and U.S., the indices shrank 11.5 and 11.4 percent, respectively. No data is available for Canada or France for the given period. Following year-on-year September inflation of 11.6 percent in India, Russia came in second with a rate of 10.7 percent. The two leaders were followed by Brazil (4.3 percent), the UK (1.1 percent) and Italy (0.2 percent). Other countries, conversely, registered a year-on-year drop in prices in September 2009. Deflation reached 2.2 percent in Japan, 1.3 percent in the U.S., 0.9 percent in Canada, 0.8 percent in China, 0.4 percent in France, and 0.3 percent in Germany. With 10 percent of its economically active population out of work, France showed the highest unemployment rate, with the U.S. (9.8 percent) and Canada (8.4 percent) right on its heels. In Russia and Germany the rate stood at 7.6 percent, and 5.3 percent in Japan. No data is available for either the UK or Italy.
Analytical department of RIA RosBusinessConsulting
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