Russian ministry improves inflation forecast to 6.4% in 2016

MOSCOW, Oct 7 (PRIME) -- The Economic Development Ministry has improved its baseline forecast of Russia’s inflation to 6.4% in 2016, 6% in 2017 and confirmed its inflation estimate of 5.1% in 2018, according to data of the ministry seen by PRIME on Wednesday.

Earlier the authority expected inflation to stand at 7% in 2016 and 6.3% in 2017.

The Russian Gross Domestic Product (GDP) will fall 3.9% in 2015 and rise 0.7% in 2016, 1.9% in 2017 and 2.4% in 2018, according to a revised forecast of the ministry.

Russia’s central bank expects the economy to fall by 3.9–4.4% in 2015 with an average oil price at U.S. $52 per barrel of Urals. The economy will swing to growth on the quarter in July–December 2016, according to the regulator.

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