Russian GDP growth slows to 0.7% in third quarter

Moscow, with the Kremlin in the background.
Alexander Zemlianichenko | AP

Russia's gross domestic product rose by 0.7 percent in the third quarter, year-on-year, down from a growth rate of 0.8 percent in the preceding quarter, preliminary data from the Federal Statistics Office showed on Thursday.

Russia's economy has been weakened by several rounds of Western sanctions over the Ukraine crisis which have spurred capital flight and deterred foreign investment.

Economists polled by Reuters at the end of October saw Russia's full-year 2014 GDP growth at 0.3 percent, year-on-year.