Econ minister says Russian economy to grow by about 1% in 2017

ROME, Nov 8 (PRIME) -- The Russian economic situation improved in 2016 as compared with the last year, and the economy will expand about 1% in 2017, Economic Development Minister Alexei Ulyukayev said at a meeting with Italian businessmen on Tuesday.

“We expect that economic growth will amount to about 1% next year and will reach 2% or 2.5% in the next three years,” the minister said.

According to Ulyukayev, consumer prices will rise 5.5% in 2016 and 4% in 2017.

“This year the figure is record low for us. I understand that for the European level that a 5.5% inflation is low sounds quite weird, nevertheless it is so for Russia,” Ulyukayev said.

“This year inflation will be about 5.5% and it is quite likely that it will amount to about 4% next year.”

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