YEREVAN, April 16. / ARKA /. Russia’s economic development minister Alexei Ulyukayev told parliament that growth slowed down to only 0.8% in the first quarter - far short of the ministry's earlier prediction of 2.5 percent - because of "the tense international situation of the past two months" as well as "serious capital flight," Prime reported.
According to reports, he said the gross domestic product contracted by 0.5% on the quarter in seasonally adjusted terms.
In the first three months of 2014, capital investment shrank by 4.8% compared with a year ago, Ulyukayev said.
"The economic situation has become even tenser. Apart from internal factors we have also a high degree of uncertainty in foreign exchange and financial markets , significant capital outflows, unwillingness of investors to make decisions in this acute international situation that has developed in the last two months," he explained. -0-