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Russian economy ministry expects GDP growth at 1.9-2.2% per year in 2017-2019

June 22, 15:32 UTC+3
Russia’s Economic Development Ministry insists on "maximized stimulation of private investment activity prejudicing growth rates"
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© Sergei Konkov/TASS

MOSCOW, June 22. /TASS/. Russia’s Economic Development Ministry expects GDP growth at the level of 1.9-2.2% per annum in 2017-2019, Deputy Economic Development Minister Alexey Vedev said Wednesday.

"Our base-case forecast for 2017-2019 is growth at the level of potential GDP, which we estimate at the level of 1.9-2.2% per annum," he said. Growth of the Russian economy this year is estimated as "about zero," the official added.

"According to our current estimates, industrial output will grow by 0.3% this year," the official said. Positive trends are observed in chemical, mining and light industries, he added.

"Inflation level is the most optimistic for us. It steadily declines and our estimates of 6% for this year may be even slightly lower - 5.9%. We see the trend of food inflation declining quicker than total inflation for the first time in several years," he said.

The ministry considers it necessary to make a transition to the investment model in the Russian economy.

"We insist on transition to the investment model and its domination in the current development model [of the Russian economy - TASS]. This means maximized stimulation of private investment activity prejudicing growth rates," the official said.

According to Vedev, capital outflow from Russia may total $25 bln by the end of this year.

"In the first quarter (of 2016) capital outflow decreased four-fold and it may stand at $25 bln by the end of 2016," he said.

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