Russia's economic growth accelerates to 10.9% y/y in May
MOSCOW, July 1 (Reuters) - Russia's gross domestic product (GDP) rose 10.9% year-on-year in May, the economy ministry said on Thursday, as the oil-dependent economy continued its recovery from the pandemic shock of 2020.
The ministry also revised April economic growth to 10.8% from the previously reported 10.7%.
The GDP figures underpin the general trend of economic rebound in Russia after GDP contracted by 3% in 2020, its sharpest in 11 years.
Russia's unemployment rate declined in May to 4.9%, data showed on Wednesday, markedly below analysts' forecasts and heading towards pre-crisis levels targeted by President Vladimir Putin.
But high inflation and a weak rouble are clouding the outlook, prompting the central bank to tighten monetary policy.
A Reuters poll showed on Wednesday that the central bank is now expected to raise its key interest rate for the fourth time this year in July, to 6.0% from 5.5%. (Reporting by Darya Korsunskaya; Writing by Andrey Ostroukh; Editing by Giles Elgood)
