MOSCOW, December 25. /TASS/. Economic recession in Russia is likely to total 3% of the GDP next year if the price of crude oil fluctuates at around $ 60 per barrel, Economic Development Minister Alexei Ulyukayev said on Thursday.
“Very rough estimates show the recession might total 3% of the GDP amid the market situation of this kind,” he said.
The Economic Development Ministry’s most recent forecast based on an anticipated price of crude oil at $ 80 per barrel suggested that the recession would stand at 0.8% of the GDP in 2015.
Deputy Minister Alexei Vedev said in this connection that the Russian economy would not escape a slump already in the first quarter of 2015.
As for the fourth quarter of 2014, it would show either zero growth or a small decrease.
“We expected a further decrease in the first quarter of next year, primarily due to flagging demand,” he said.