Econ Development Ministry confirms 2017 GDP growth outlook at 3%

ST PETERSBURG, Aug 21 (PRIME) -- Russia’s Economic Development Ministry maintains its gross domestic product (GDP) outlook for 2017 at 2%, despite the Federal State Statistics Service’s 1.5% assessment for January-June, Minister Maxim Oreshkin said on Monday.

“We have not changed our estimates at all,” he said.

The executive said that a 0.9% decline in real household income in July may be explained by a calculation method, as major earnings categories demonstrate a rise in real terms.

“We need to see how the figure is calculated. If we look at the key income indicators such as salaries, we will see that there is a 3% growth in real terms, a very active growth. The same situation we have with pensions to retirees,” he said.

Oreshkin also said that his ministry expects an explosive growth in mortgage lending in September due to a significant drop in interest rates.

(59.3612 rubles – U.S. $1)

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