Report: GDP to grow by projected 1.3% in 2019 -- minister

MOSCOW, Dec 24 (PRIME) -- Russia’s gross domestic product (GDP) will grow by the projected 1.3% in 2019 despite difficulties at the beginning of the year, Economic Development Minister Maxim Oreshkin said in an interview with Rossiya 24 television channel on Monday.

“Altogether we will reach the figure of 1.3% for the year, which is in our forecast now,” he said.

The beginning of the year will be the most difficult time for Russia’s economy due to a tough global environment, commodity market volatility which will result is decreasing demand for Russia’s exports, as well as a hike of value added tax (VAT) and the central bank’s policy aimed at restraining possible inflation risks, Oreshkin said.

He added that the second half of the year is to be more positive.

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