Fitch worsens Russia’s 2016 GDP forecast to 1% decline

MOSCOW, Feb 2 (PRIME) -- International rating agency Fitch has worsened its outlook for the Russian gross domestic product (GDP) in 2016 to a 1% decline from a 0.5% growth due to lower oil prices and decreased budget, the agency said in a press release Tuesday.

“If oil prices do not start to recover in 2016, tax increases for the oil sector would become more likely, further reducing capital expenditures,” the agency said.

In 2015, Russia’s GDP fell 3.7%, the Federal State Statistics Service said earlier citing preliminary data.

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