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Russia’s economics ministry raises forecast for GDP growth

December 12, 2011, 12:18 UTC+3
The ministry also raised its forecast for the oil price from 108 dollars per barrel to 109 dollars per barrel
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MOSCOW, December 12 (Itar-Tass) — Russia’s Economic Development Ministry has raised the forecast for the GDP growth from 4.1 percent to 4.2 percent, Deputy Minister Andrei Klepach told reporters on Monday.

At the same time he did not rule out that the GDP growth can be higher after the Russian federal state statistics service (Rosstat) specifies some figures.

The ministry also raised its forecast for the oil price from 108 dollars per barrel to 109 dollars per barrel. The retail trade’s growth will be higher than 6 percent, but exports and imports rates were lowered.

As for investments the growth stands at 6 percent, but probably, in the future Rosstat will raise this rate, as large enterprises “show good dynamics of investment growth – 8-9 percent,” Klepach said.

The ministry reduced its forecast for industrial production growth from 4.8 percent to 4.7 percent, he said.

The outflow of capital from Russia in 2011 is estimated at 80 billion dollars, but it may be even higher.

The deputy minister underlined that the ministry’s forecasts for 2012 remained unchanged.

“We see no grounds for changing the forecasts,” Klepach said adding that amendments can be submitted next spring if necessary.

He noted that it is still early to speak about the effects of the State Duma elections. The markets most probably will react to the election returns, Russia has a positive potential for investors.

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