Loading...

Russia's 2019 growth outlook remains at 1.3pc: Minister

Published: May 22, 2019 12:02:57 | Updated: May 24, 2019 11:48:52


File Photo (Collected)

Russian economy will grow by 1.3 per cent for the year of 2019 as expected, Economic Development Minister Maxim Oreshkin said on Tuesday, refuting an outlook of recession.

Russia's GDP growth outlook for 2019 remains at 1.3 per cent, TASS said, quoting the minister at a briefing.

In December, Oreshkin indicated that the ministry forecast Russia's economy would grow by 1.3 per cent for the year of 2019, reports Xinhua.

The country’s GDP grew by 0.5 per cent year-on-year in the first quarter of 2019, which was the weakest growth rate since the last quarter of 2016, according to government data.

"The data for the first quarter is preliminary and may change in both directions. We projected a weak dynamics for Q1," Oreshkin said.

Meanwhile, the minister ruled out a possible recession in the Russian economy in the second half of 2019, attributing the weak growth in Q1 to the temporary tax and budget factor.

Share if you like