Russian economy to decline 3% in 2015 with $60 per barrel - Uliukaev

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26.12.2014, 12:13

The Russian economy will decline by 3% in 2015 if the oil price is $60 per barrel, Russian minister of economic development Aleksey Uliukaev told reporters, as cited by the Prime.

Russian economy to decline 3% in 2015 with $60 per barrel - Uliukaev

YEREVAN, December 26. /ARKA/. The Russian economy will decline by 3% in 2015 if the oil price is $60 per barrel, Russian minister of economic development Aleksey Uliukaev told reporters, as cited by the Prime.

The projection by the ministry suggests GDP will decline by 0.8% in 2015 with the oil price at 80 dollars per barrel.

The deputy minister of economy Aleksey Vedev said the recession will come as early as in the first quarter. The 2014 last quarter GDP growth will be near zero or will decline slightly, he said.

“We expect a decline in the first quarter, first of all due to drop in demand”, Vedev said. –0—

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