State statistics report shows recession extended

Макроэкономика 20.03.2015 In the second portion released yesterday of the State's official monthly statistics report of key economic sectors, industrial production in January-February versus the same period last year declined even more dramatically than the other sectors, extending the overall contraction to 22.5% YoY. In seasonally adjusted terms, the industrial sector declined 1.7% in February. While construction fell 18.6% in 2M15 versus 2M14, it rose 2.6% in February from January in seasonally adjusted terms. Overall, real GDP in 1Q15 could be as weak as it was in 4Q14, indicating that the recession is deepening.