European Commission downgrades Russia’s GDP growth outlook to 1.5%

MOSCOW, May 7 (PRIME) -- The European Commission has reduced its forecast for Russia’s gross domestic product (GDP) growth to 1.5% from 1.6% in 2019 and reiterated the 2020 forecast at 1.8%, it said in a spring report on Tuesday.

Unemployment in Russia is projected at 4% in 2019 and 3.9% in 2020, down from the previous forecast.

The authority also reduces its Brent crude price forecast to U.S. $69.2 per barrel from $80.6 per barrel for 2019, and to $67.8 per barrel from $76.7 per barrel for 2020.

End