Russian cbank improves 2015 GDP fall forecast to 3.7–3.9%

MOSCOW, Dec 11 (PRIME) -- The Russian central bank has improved its forecast for the gross domestic product (GDP) contraction in 2015 to 3.7–3.9% from 3.9–4.4%, Chairwoman Elvira Nabiullina said at a news conference Friday.

The sharp phase of an economic slowdown is over, but it is early yet to speak about a stable positive trend, she said.

“In our point of view, we can speak about the sharp phase of an economic slowdown being over. In the third quarter, the GDP year-on-year contraction was not that strong as in the second quarter,” Nabiullina said.

Russia’s inflation will be close to the upper border of 13% in 2015, she said.

The central bank’s basic scenario implies an oil price of around U.S. $50 per barrel over the next three years, but the probability of oil prices remaining below that level has increased, Nabiullina also said.

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