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Decline of Russia’s GDP in 2015 could reach 3.7% — minister

November 23, 2015, 21:21 UTC+3 MOSCOW
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© ITAR-TASS/Anton Tushin

MOSCOW, November 23. /TASS/. Decline of Russia's GDP by the end of 2015 may be less than the projected 3.9%; recession in the Russian economy is over, Russia’s Economic Development Minister Alexey Ulyukayev said Monday.

"Quarterly estimates show that the recession, according to its definition, is over. Nevertheless, compared with last year, we are seeing a decline. As a result, we expect the decline of 3.9%. Maybe less - 3.7%," he said.

Ulyukayev noted that the lowest point of the recession has passed in June and July of this year.

"Various sectors of the industry feel differently. Earlier this year, the situation was worse in the industries that focus on consumer demand. Now the situation has changed, investment demand has improved," Ulyukayev said.

According to him, at the end of 2015 the decline of investment in capital expenditure will amount to 10%.

The minister believes that the instability in the financial market is getting closer to the end. "Deposits of the population and legal entities grow, which indicates confidence in the banking and financial system. We can see that deposits increased by 15% this year in nominal terms," ·he explained.

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