Russia condemns North Korea’s new missile testRussian Politics & Diplomacy May 29, 10:17
Trump’s administration seeks to restart Ukraine peace process — mediaWorld May 29, 9:38
WannaCry ransomware may be authored by hackers from Southern China — mediaWorld May 29, 8:58
Russia’s Eastern Military District receives new shipment of Terminator helicoptersMilitary & Defense May 29, 8:18
North Korea test fires another missileWorld May 29, 1:29
Russia’s Zvyagintsev wins Jury Prize at 70th Cannes Film Festival with his LovelessSociety & Culture May 28, 21:32
Three Russian tourists hurt is road accident with tourist minibus in TurkeySociety & Culture May 28, 18:58
Some 40,000 cyclists taking part in Moscow cycle paradeSociety & Culture May 28, 18:33
Corporation Irkut: MS-21 first flight performed in routine modeBusiness & Economy May 28, 16:54
MOSCOW, April 15. /ITAR-TASS/. Russian Finance Minister Anton Siluanov sees very slim chances of GDP growth this year. Siluanov told the Finance Ministry’s board on Tuesday that GDP growth value was currently estimated at 0.5% at the most. “Most probably, it will be rather close to about zero.”
Last year’s federal budget was executed in the context of a considerable revision of the economic development forecast. At the beginning of this year, the GDP growth was estimated at 3.6%, but in reality it measured 1.3%.
“But for the oil and gas revenues, the federal budget deficit last year might have been not 0.5% of the GDP, but as big as 2-3%. Had we entered the current period of geopolitical instability with such a deficit, the situation in the financial markets would have been developing quite differently,” Siluanov said.
The finance minister shared his worries over Russia’s dependence on incomes that were tightly pegged to incomes from volatile, vulnerable sources. He recalled that over the past years the level of non-oil and gas deficit had never fallen below 10% of the GDP, which was the evidence of high budget balance risks.
Speaking about the outflow of capital from the Russian economy, Siluanov described it as the main cause of “uncertainties over the geopolitical situation’s further development.” He estimated January-March capital flight at $50 billion.