European Commission upgrades Russian GDP growth outlook to 1.2%

MOSCOW, May 11 (PRIME) -- The European Commission has improved its forecast for Russia’s gross domestic product (GDP) 2017 growth to 1.2% from 0.8% and to 1.4% from 1.1% for 2018, it said in a spring report on Thursday.

“Short-term indicators demonstrate that the economy continues to recover due to the oil price stabilization and rising confidence. The growth of real salaries is expected to accelerate gradually amid a weakening inflation pressure,” the report said.

Unemployment in Russia is projected at 5.7% in 2017 and 5.6% in 2018, unchanged from the previous forecast.

Inflation is expected at 4.4% in 2017 and 4% in 2018, as compared with 5.2% and 4.4%, respectively, indicated in the European Commission’s winter report.

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