Russia's Economy Ministry maintains 2019 GDP growth outlook at 1.3%

21 May 2019, Tuesday

Russia’s Economic Development Ministry maintains its GDP growth outlook for 2019 at 1.3%, Minister Maksim Oreshkin told reporters on Tuesday.

"So far yes," he said when asked whether the ministry considers the GDP growth outlook for this year of 1.3% still relevant. "The data for the first quarter is preliminary and may change in both directions. We projected a weak dynamics (for Q1)," he said.

The minister added that he does not expect a recession in the Russian economy in the second half of 2019. "I believe that was the tax and budget factor, which played an important negative role in the first quarter," Oreshkin explained.

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