UPDATE: Russian econ min sees GDP decline below 0.6% in 2016

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ISTANBUL, Oct 10 (PRIME) -- The Russian economy can return to growth in annual terms already in October–December, the GDP decline for the entire year will be thus below the forecasted 0.6%, Economic Development Minister Alexei Ulyukayev told reporters Monday.

“There are expectations that there will be small annual growth in the fourth quarter compared with the fourth quarter of 2015, I expect it,” he said.

The ministry’s basic forecast is based on an average annual oil price of U.S. $40 per barrel and implies a GDP fall of 0.6% in 2016 and growth by 0.6% in 2017.

The central bank said Russia’s GDP decline will be close to the lower bracket of a 0.3–0.7% range in 2016. Seasonally adjusted GDP could grow 0.3% on the quarter in January–March 2017, the regulator said.

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