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Russian economy grew by 0.7 pct y/y in Jan, below forecast

MOSCOW, Feb 20 (Reuters) - The Russian economy expanded by 0.7 percent in January year-on-year after growing by 2.3 percent the previous month, the Economy Ministry said on Wednesday.

Economic growth was lower affected by a slowdown in manufacturing industry and construction. Sales were also weak due to value-added tax increase from January.

The economy growth in January was below the forecasts - the Reuters poll of economists and analysts estimated GDP to grow by 1.5 percent in January.

The ministry also revised its estimate of the gross domestic product in December to 2.3 percent from 1.9 percent reported earlier. The statistic service reported this month that the Russian economy grew by 2.3 percent last year. (Reporting by Polina Nikolskaya; Editing by Alison Williams)