The Russian Ministry of Finance has increased its forecast for GDP growth in 2017 to 1.5–2% from 0.6%, the TASS news agency reports citing Minister of Finance Anton Siluanov.

“Overall, we agree that the economy will grow at a faster pace than we originally included in the forecasts. Initially, we had [a forecast of] 0.6% for the current year. Our estimates are close to the positions voiced by [Minister of Economic Development Maxim Oreshkin] ranging from 1.5% to 2%”, Siluanov said.

Oreshkin had previously stated that Russia could see GDP growth of 2% in 2017. He acknowledged the end of the adaptive phase of economic development and the transition to the phase of a new cycle of economic growth.

According to the Ministry of Economic Development, Russian GDP increased in January 2017 compared with December 2016 and the positive trends are continuing.