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Minister predicts 3% slump in Russian economy in 2015 if oil trades at $60 per barrel

December 25, 2014, 22:51 UTC+3 MOSCOW
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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.

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