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ST. PETERSBURG, June 16. /TASS/. Recession in the Russian economy will stop completely at the end of 2016, Economic Development Minister Alexey Ulyukayev said on Thursday at the St. Petersburg International Economic Forum (SPIEF 2016).
"The low point of the Russian economy’s recession has passed; there is a rapid economic recovery since the Q3. The Russian economy will show growth, recession will stop completely as of year-end of 2016," the minister said.
Russia’s Economic Development Ministry expects GDP contraction of less than 1% in 5 months of 2016 in annual terms.
"We have no exact figures yet. We expect GDP contraction of less than 1% in 5 months (of 2016) year-on-year," he said.