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Drought to hit Russia economic expansion
Source: Agencies |
August 25, 2010, Wednesday
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A RUSSIAN economic official says the summer's drought will lower economic growth by at least 0.8 percentage point.
A heatwave this summer damaged at least one-fifth of crops and sparked wildfires, killing more than 50 people.
The drought also prompted Russia, a key wheat exporter, to ban any grain exports this year. That hiked wheat prices on global markets and spurred domestic inflation.
Deputy economic development minister Andrei Klepach was quoted by Russian news agencies yesterday as saying the impact of the drought could near 1 percentage point, but gross domestic product growth targets should be achieved.
Before the summer, the government forecast GDP growth of 4 percent, a conservative target based on low oil prices.
A heatwave this summer damaged at least one-fifth of crops and sparked wildfires, killing more than 50 people.
The drought also prompted Russia, a key wheat exporter, to ban any grain exports this year. That hiked wheat prices on global markets and spurred domestic inflation.
Deputy economic development minister Andrei Klepach was quoted by Russian news agencies yesterday as saying the impact of the drought could near 1 percentage point, but gross domestic product growth targets should be achieved.
Before the summer, the government forecast GDP growth of 4 percent, a conservative target based on low oil prices.
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