Russia’s GDP Grows by 0.5% in Q1 2017 in Annual Terms
Russia’s GDP increased by 0.5% in the first quarter of 2017 in physical terms year on year. Rosstat provided this preliminary estimate in its message, TASS reports.
At the end of April, Maxim Oreshkin, Minister of Economic Development, predicted that Russia’s GDP growth in the 1st quarter of 2017 would be 0.4% in annual terms, cleared of the calendar factor.
In its forecast, the Ministry of Economic Development reported that it could not exclude growth of Russia’s GDP of up to 3.1% in 2020 in the target scenario.
In 2016, Russia’s GDP fell by 0.2%. At the end of last year, Russian President Vladimir Putin gave instructions to develop measures leading to faster growth of the Russian economy compared to global values in late 2019 – early 2020.
According to the target forecast, in 2018 GDP growth will be 1.7%, whereas in 2019 it will reach 2.5%. Yet, according to the baseline scenario, growth rates should be more modest: 1.5% per year in 2018–2020.