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Decline of Russia's GDP in 2016 may be slightly over 1% — Central Bank

March 03, 2016, 17:34 UTC+3

The Russian Economic Development Ministry expects the GDP to grow by 0.7%

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Russian Central Bank

Russian Central Bank

© Artyom Korotayev/TASS

MOSCOW, March 3. /TASS/. Russia’s GDP decline at 2016 year-end may be slightly above 1% if its current positive dynamics continues, the Central Bank said on Thursday.

"Our assessment of the GDP as of the end of the second quarter of 2016 was also slightly improved in comparison to January. Now it suggests dynamics will be close to zero. The first assessment of the third quarter of 2016 subject to statistical data available for the time being shows resumption of slight growth of 0.2-0.3% in the quarter. If such positive dynamics continue until the year end, the GDP decline as of 2016 year-end will be most likely a bit above 1%," the regulator reported.

January figures of certain indicators prompt to be cautious on the above assessments and these may be changed as new short-term statistics data become available, the Central Bank said.

According to the formal outlook of the Central Bank, Russia’s GDP may decline 0.5-1% in 2016. The Economic Development Ministry expects the GDP to grow by 0.7%.

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