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Russian Growth Slowest Since 2009 on Sanctions, Poll Says

May 15 (Bloomberg) -- Russia’s 1Q economic growth was probably the slowest since a 2009 recession as the country’s standoff against the U.S. and its allies over Ukraine shrivels up investment, a survey of economists showed. * GDP advanced 0.7% in January-March from a year earlier after

a 2% gain in the previous quarter, according to the median

estimate of 19 economists in a Bloomberg survey; the Economy

Ministry projects that output expanded 0.8% in the period;

the Federal Statistics Service in Moscow may report its

first estimate today * The U.S. and EU responded to President Vladimir Putin’s

takeover of Crimea from Ukraine with sanctions and warned

they are ready to take further measures if the former Soviet

republic’s May 25 presidential election is disrupted; the

$2t economy was stalling even before the penalties hit; the

IMF said April 30 that Russia is already in recession * “The main driver for the slowdown is the contraction of

investment,” Vladimir Osakovskiy, chief economist for

Russia at Bank of America in Moscow, said by e-mail;

“Investment weakness is due to a combination of much higher

borrowing costs and the deterioration of the political and

economic outlook. The latter is at least partly due to

rising sanction risk from the West”

For Related News and Information: IMF Sees Russia in Recession as 2014 GDP Forecast Is Cut to 0.2% NSN N4UH5U6S972C <GO> Ruble Drop Hitting Russia Shoppers Speeds Slide to Recession NSN N55VJ86S972N <GO>

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