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RUSSIA'S ECONOMY

Russia's economy minister expects positive GDP dynamics in 2016

According to Alexey Ulyukayev a 0.7% GDP growth is achievable this year

© Sergei Konkov/TASS

MOSCOW, March 16. /TASS/. Russia’s Economic Development Minister Alexey Ulyukayev expects positive GDP dynamics in 2016 and a 1.5-2.5% economic growth starting 2017.

RUSSIA'S ECONOMY

"The working forecast is based on a 0.7% GDP growth, which is achievable this year. Starting 2017 we expect investment to grow, which will also trigger public capital investments, capital investment of private business and infrastructure companies. This may push GDP growth up to the rate of 1.5-2.5%," the minister said when speaking at the State Duma (lower house of parliament) on Wednesday.

"It is very likely that the second quarter will see growth of industrial production and GDP," he said speaking at the State Duma (lower house of parliament) on Wednesday. However, he added, the risks of narrowed consumer demand persist. "We witness a smaller retail sales decline compared with last year, 7% for the first two months of this year versus the first two months of last year," he said.

"January still saw a contraction [of GDP], but it was smaller - 3-2.7%," the minister said, adding that the dynamics of industrial production in Russia reversed its previous downward trend for the first time in a long period.

According to the minister, the positive GDP dynamics "will be backed by a further slowdown of capital outflow and inflation."

Russian banking system

Ulyukayev also stressed that the Russian Central Bank has significant resources to reduce the key rate amid slowing inflation.

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According to him, the Russian banking system is stable and has excess liquidity.

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"This suggests that people and businesses rely on the banking system, keep their deposits in it," the minister said.

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