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Finance Ministry estimates Russia’s GDP drop in 2015 at 3%

March 19, 2015, 11:55 UTC+3

The Bank of Russia estimates GDP drop at 3.5-4%

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© Artyom Geodakyan/TASS

MOSCOW, March 19. /TASS/. Russian Finance Ministry estimates the country’s GDP drop at the level of around 3%, Finance Minister Anton Siluanov said Thursday.

"How long will the situation with the economic recession last? We estimate the drop in the annual rate of economic growth at around 3%. In our view, investment demand is the only possible source of recovery," he said.

In its updated forecast, the Bank of Russia estimates GDP drop at 3.5-4%.

Russian ministers optimistic on inflation forecast

Annual inflation in Russia is at its peak, nevertheless by the end of 2015 - beginning of 2016 it will become single-digit, said Alexey Ulyukayev, Russia's Economic Development Minister.

"Together with our colleagues from the Central Bank we believe, that we have reached the annual inflation peak. By the end of 2015 - beginning of 2016 the inflation is highly expected to become single-digit. This gives the Cental Bank ground to continue reducing the key rate," he said.

Russian Finance Minister anton Siluanov is also optimistic. "We have good reasons to reach the planned inflation of 12.2% this year and even lower than that," the minister said, adding that it’s possible to reach inflation at the level of 11-12% in 2015 since of the current annual inflation rate of 16.7%, 11 percentage points are one-time factors.

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