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Russia’s national rating agency projects 1.7% GDP contraction for 2016

February 17, 14:25 UTC+3 MOSCOW
Russia’s budget for 2016 is based on $50 per barrel price for Urals crude oil, with budget revenues totaling 17.5% of GDP, expenditures at 20.5% of GDP and budget deficit at 3% of GDP
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© Sergey Konkov/TASS

MOSCOW, February 17. /TASS/. Analysts at Russia’s Analytical Credit Rating Agency (ACRA) project 1.7% GDP contraction for 2016, its Chief Executive Officer Ekaterina Trofimova said Wednesday.

"Short-term macroeconomic forecasts are still conflicting. According to ACRA analysts, amid current macroeconomic and geopolitical trends we expect GDP to contract by around 1.7% in 2016," she said.

Russia’s budget for 2016 is based on $50 per barrel price for Urals crude oil, with budget revenues totaling 17.5% of GDP (13.738 trillion rubles, or $178.5 bln), expenditures at 20.5% of GDP (16 trillion rubles, or around $209 bln) and budget deficit at 3% of GDP (2.36 trillion rubles or $30.6 bln).

The Finance Ministry officially projects 0.7% GDP growth for this year.

Analytical Credit Rating Agency was founded in 2015. Its 27 shareholders are major Russian corporates and financial institutions while its authorized capital exceeds 3 bln rubles ($38.9 mln). ACRA is aimed at delivering high-quality rating products to the Russian financial market.

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