Date: 6 months ago   Category: Economy

The Ministry of Economic Development has lowered the forecast for GDP growth of Russia in 2018-2019 — Rambler News Service


Photo: RIA News/Alexey Sukhorukov the Ministry of Economic Development has lowered the forecast for GDP growth of Russia in 2018-2019 on 0,1 items – up to 1,8% and 1,3% respectively, the economy picture follows from the prepared MEDT of the document ". August". "The forecast of economic growth for 2018 and 2019 is lowered by 0,1 items – up to 1,8% and 1,3% respectively" — it is said in the document. It is noted that "deterioration in moods of business because of announcements of introduction of additional sanctions measures, the increased volatility in the financial markets, acceleration of capital outflow and growth of dokhodnost of debt securities form risks for economic growth". The MEDT has explained that "temporary decrease in rates of economic growth in 2019 will be connected with the following factors: the active phase of implementation of national projects displaced closer to the middle of year with a growth of tax burden since January 1 of the next year; the moderate and rigid monetary policy of the Bank of Russia directed to control of inflationary expectations". The Ministry of Economic Development has also raised the forecast of inflation for the end of 2018 from 3,1% year-on-year to 3,4% in annual terms. The MEDT has explained that major factors became: weaker ruble exchange rate at the end of 2018, acceleration of increase in prices for food products (except for fruit and vegetable products) which is a consequence of rise in price of forages for animals against the background of deterioration in forecasts of a grain yield in the world. "The described inflationary factors are temporary and by the beginning of 2019 their action will practically be exhausted" — have emphasized in the MEDT. According to department, the stabilizing impact on inflation in 2019 will be exerted by dynamics of ruble exchange rate. "In these conditions inflation for the end of 2019 is still predicted at the level of 4,3% of yoy (assessment of a contribution of increase in the VAT to annual inflation in 2019 makes 1,3 items)", - have explained in the MEDT.

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