VEB eyes growth of Russian economy in Jul–Sep, Oct–Dec

MOSCOW, May 23 (PRIME) -- Russia’s gross domestic product (GDP) will fall in 2016 by 0.8%, but the country’s economy may switch to a gradual growth already in July–September or October–December, Vnesheconombank (VEB) Chief Economist Andrei Klepach told PRIME on Monday.

“We expect (quarterly growth of GDP) by the end of 2016, we said earlier that we expected it by the end of 2016,” he said.

“We have estimated that to happen in the fourth or third quarters, not right now. Still, there will be no growth this year, we assume that a 0.8% year-on-year fall will happen,” he said.

According to a forecast of the Economic Development Ministry, Russia’s GDP will fall 0.2% in 2016 and rise 0.8% in 2017. In 2015, the economy contracted 3.7%.

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