Report: Econ minister says Russia’s GDP falls 3.8% in Jan–Sep

MOSCOW, Oct 14 (PRIME) -- Russia’s gross domestic product (GDP) contracted 3.8% in January–September, Economic Minister Alexei Ulyukayev said in an interview to Business FM radio station broadcast late on Tuesday.

“The combined decline of the three quarters stands at 3.8%. We think that the fourth quarter will be approximately the same, and the whole year will show a 3.8–3.9% decrease. The fourth quarter will be the bottom, and in 2016 we will see a slight rebound and the beginning of growth,” he said.

Previously, Ulyukayev said the ministry expected Russia’s GDP to start growing in annual terms from April–June 2016 and in quarterly terms in October–December 2015.

In September, the ministry said the country’s GDP shrank by 4.6% on the year in August and by 3.8% on the year in January–August.

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