Putin: Russia’s GDP may fall 0.3% in 2016, but rise 1.4% in 2017

MOSCOW, Apr 14 (PRIME) -- The Russian government assumes that the country’s gross domestic product (GDP) may contract 0.3% in 2016, but will grow 1.4% in 2017, President Vladimir Putin said Thursday during an annual Direct Line Q&A session.

“I have already said that our GDP fell 3.7% (in 2015). The government assumes that this year a slight contraction will remain, but it will amount to only 0.3%. But next year we expect growth of 1.4%,” he said.

When asked whether Russia is now “in a black streak or in a white streak”, Putin said that the country is in “a grey streak as the situation has not changed yet, but the trend is positive.”

Economic Development Minister Alexei Ulyukayev said earlier that the economy may fall up to 0.5% in 2016 with an oil price at U.S. $40 per barrel and grow 1.5% in 2017. A representative for the ministry told PRIME that if the oil price amounts to $30 per barrel in the year, the country’s GDP is expected to fall 1.3–1.5%.

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