UPDATE 2: Russia’s GDP falls 0.5% on year in October – official
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ST. PETERSBURG, Nov 18 (PRIME) -- Russia’s gross domestic product (GDP) contracted by 0.5% on the year in October, while the seasonally adjusted indicator remained flat on the month, Kirill Tremasov, director of Economic Development Ministry’s macroeconomic forecast department, said on Friday quoting preliminary estimates of the ministry.
“Our preliminary estimates showed that the GDP fell 0.5% year-on-year in October,” he said at a forum.
He added that contraction amounted to 0.4% in July–September and 0.7% in January–September.
The ministry forecasts seasonally adjusted GDP dynamics to remain positive on the quarter and rise by 0.1–0.2% in October–December. For the whole of the year, it predicts a 0.6% contraction of the economy, he said.
The restoration of economy will continue in 2017 but it will be slow. “The economy has adapted to an oil price of U.S. $40–50 per barrel, and the oil price of this range will ensures growth. We see GDP rising 0.6% next year under $40, while under $48 GDP may increase by 1.1% next year,” he said.
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