Minister gives gloomy outlook for Russian economy in 2013

(Interfax – Hanover, April 7, 2013) The Economic Development Ministry will lower in its revised socio-economic development forecast its estimate for gas exports from the Russian Federation (in natural units), for the increase in investment in the Russian Federation, and for GDP rise, Minister Andrey Belousov has said.

“I can definitely say that the forecast for 2013 will have lower estimates for gas exports, the estimates for investment will be revised down, and hence GDP growth rate will be lower,” Belousov told journalists on Sunday (7 April).

“The conservative forecast on GDP (rise) is most likely to be below 3 per cent. The optimistic scenario, which involves, among other things, the implementation of infrastructure projects and the stepping up (as received) in accordance with the president’s instructions, I believe we shall have it in the region of 3.2 per cent,” Belousov added.

He pointed out that the macroeconomic indicators for the first quarter of 2013 would be worse than expected. “In effect, our GDP growth in the first quarter is about 1 per cent,” Belousov said.