VEB preliminary estimates Russian GDP fall at 2% in January–March

MOSCOW, Apr 19 (PRIME) -- Russia’s Gross Domestic Product (GDP) fell 2% on the year in January–March, Vnesheconombank (VEB) Chief Economist Andrei Klepach told PRIME citing preliminary data on Tuesday.

“It is preliminary. Earlier we estimated 2% on the year. We will receive comprehensive data soon and adjust the estimate,” Klepach said, adding that VEB has kept its forecast of Russia’s economic fall in 2016.

The bank expects the economy to contract by 1.3–1.9% this year.

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