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Russian Economic Development Ministry lowers GDP forecast for 2016

September 02, 2016, 11:46 UTC+3

The forecast has been lowered from -0.2% to -0.6%

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© Sergey Konkov/TASS

VLADIVOSTOK, September 2. /TASS/. The Russian Ministry of Economic Development in the updated forecast of socio-economic development of Russia lowered the forecast for GDP dynamics in 2016 from -0.2% to -0.6%, Economic Development Minister Alexey Ulyukayev told journalists on Friday.

"We lowered the forecast to -0.5% - -0.6%," Ulyukayev said.

It was reported earlier that the Economic Development Ministry worsened the forecast for 2016, reporting that the GDP decline would reach 0.6% (instead of 0.2%), while economic growth would deteriorate in comparison with April’s forecast. However, a higher oil price in the "base plus" scenario would increase GDP growth.

According to Vedomosti newspaper, the "base plus" scenario includes an oil price of $50 per barrel for 2017 and $55 per barrel for 2018-2019, whereas the base scenario includes an oil price of $40 for 2017-2019.

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