Econ ministry to raise Russia’s 2021 GDP growth forecast from 2.9%

MOSCOW, Jul 1 (PRIME) -- The Economic Development Ministry will improve its economic growth forecast for 2021 from the current figure of 2.9%, Economic Development Minister Maxim Reshetnikov told reporters on Thursday.

When asked whether the ministry planned to raise its GDP forecast for 2021, he said, “Yes.”

The authority will send an interim edition of its macroeconomic forecast to Russia’s regions in the week that starts on July 5, he said.

He also said that inflation would slow down to 0.65% on the month in June after 0.74% in May. Inflation in June partially stems from higher vegetable prices, as the harvest was 12% lower in 2020, and deficit emerged in May–June, he said.

The ministry also expects a slight deflation in August. At the same time, the ministry will raise its forecast for Russia’s inflation in 2021 from the current figure of 4.3%, he added.

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