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Bank of America raises Russia’s GDP growth forecast for 2015 after gas deal with China

May 28, 2014, 12:43 UTC+3
The investments growth forecast has been raised from 0.4% to 4.3%
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Bank of America headquarters in Boston (archive)

Bank of America headquarters in Boston (archive)

© EPA/CJ GUNTHER

Infographics Supplies of Russian natural gas to China Supplies of Russian natural gas to China
May 21, 2014, Gazprom and CNPC have signed a deal on gas supplies to China

MOSCOW, May 28. /ITAR-TASS/. Bank of America Corp. (BAC) has raised Russia’s GDP growth forecast for 2015 from 1.5% to 2.1% amid the gas deal with China, according to the company’s analytical report.

The GDP growth forecast for the current year has been left at 0.9%.

Meanwhile, Russia’s investments growth forecast has been raised from 0.4% to 4.3%.

The 30 years gas deal with China worth $400 billion is so huge that it would likely have a substantial economic effect, the research says.

According to BAC estimates, the expected capital expenditures at $55 billion will increase investments into the Russian economy for at least $5-6 billion annually, beginning from 2015.

The gas deal may also enforce the ruble, if China pays $25 billion in advance, the report says.

According to BAC forecast, by the end of 2014, the dollar rate will make 35.5 rubles, and by the end of 2015 — 36 rubles.

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