World Bank still sees Russia’s GDP down 3.8% in 2015

MOSCOW, Dec 18 (PRIME) -- The World Bank has kept its forecast for contraction of Russia’s gross domestic product (GDP) in 2015 at 3.8%, but worsened the outlook for a GDP fall in 2016 to 0.7% from 0.6%, the bank said in a statement Friday.

The forecast for 2017 was also cut to a 1.3% from a 1.5% increase. Both forecasts were decreased due to low oil prices.

Economic Development Minister Alexei Ulyukayev said that GDP shrank about 3.7% year-on-year both in October and in November, and his personal forecast for the year is a 3.7–3.8% GDP contraction. The ministry’s official GDP decrease forecast for 2015 stands at 3.9%.

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