UPDATE: Econ minister says Russian economy to grow by about 1% in 2017

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ROME, Nov 8 (PRIME) -- The Russian economic situation improved in 2016 as compared with the last year, and the economy will expand about 1% in 2017, Economic Development Minister Alexei Ulyukayev said at a meeting with Italian businessmen on Tuesday.

“We expect that economic growth will amount to about 1% next year and will reach 2% or 2.5% in the next three years,” the minister said.

According to Ulyukayev, consumer prices will rise 5.5% in 2016 and 4% in 2017.

“This year the figure is record low for us. I understand that for the European level that a 5.5% inflation is low sounds quite weird, nevertheless it is so for Russia,” Ulyukayev said.

“This year inflation will be about 5.5% and it is quite likely that it will amount to about 4% next year.”

The minister also said that Russian farmers will harvest 117 million tonnes of grain in 2016, of which 35 million tonnes will be exported.

“Russia became the largest grain exporter last year with more than 30 million tonnes. This year the crop is planned at 117 million tonnes. I think that we will export about 35 million (tonnes),” Ulyukayev said.

The 2016 grain harvest forecast earlier amounted to 116 million tonnes.

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