… Announced the GDP growth for the second consecutive quarter after two years of recession

Maxim Oreshkin

Photo: Dmitry Korotaev / Kommersant

GDP in the first quarter of 2017 increased by 0.4% compared to the same period last year, said the head of the Ministry Maxim Oreshkin. This is the second consecutive quarter, which showed growth

In the first quarter of this year, GDP grew by 0.4% compared to the same period in 2016, told reporters at the Krasnoyarsk economic forum the Minister of economic development Maxim Oreshkin. This is the rating adjusted for leap year made on the basis of monthly Rosstat estimates, said Oreshkin.

Thus, if Rosstat will confirm the Ministry of economic development, the economy in Russia will grow for the second consecutive quarter. In the fourth quarter of 2016, the GDP increased by 0.3%. This followed two years during which the domestic economy is reduced.

The Ministry of economic development predicts year growth of 2%. In the next three years he slows to 1.5% per year in the baseline forecast, and target scenarios, in which was said., pledged action to boost the economy (which, he did not specify), increasing to 3.1% in 2020.

Inflation in April was 4.2% compared with April last year, Oreshkin said, the Central Bank’s target for inflation of 4% will reach Russia in may. The head of the Central Bank Elvira Nabiullina said earlier that as at 17 April, inflation slowed down to 4.1%. In the basic and the target scenario of economic development it is at the same levels of 3.8% in 2017 and 4% in the next three years.