Russia’s GDP shrank in the third quarter by 0.4%, for the year, it may be 0.5-0.6%. About it as transfers TASS, said Minister of economic development Alexei Ulyukayev, speaking at the government hour in the Federation Council on Wednesday.

According to him, the Ministry expects that inflation in the country as at the end of the year will be 5.7-5.8 percent. The Minister does not exclude that in a short time, inflation in Russia may drop below target, the Central Bank is 4%. While real wages of the Russian population for the first nine months of this year already came out in the positive plane, he said.

The head of the MAYOR also announced that the forecast for “basic plus” economic development involves the growth of Russia’s GDP in 2017 of 1.1%.

“We can expect a recovery in gross domestic product in 2017, 1.1%, in 2018 – by 1.8% and in 2019 – by 2.4%,” – said Alexei Ulyukayev.

The decline in retail trade turnover in January – September 2016 is 5.4%, according to Ulyukayev, the retail trade turnover in Russia – “the main engine of growth” and he is “seriously lagging behind, for the first nine months we have a negative 5.4% for this indicator”.

“At the same time, in contrast to the retail sale of goods sale of services is reduced very little – only 0.6%. This is understandable, because there is a large proportion of required services for which the downturn is not” – said the Minister of economy.

Ulyukayev also said that capital outflow from Russia by the end of 2016 will not exceed 15 billion.

“Let me remind you that in 2014 the outflow of capital amounted to 153 billion dollars last year decreased by three times to $ 52 billion. This year will decrease four times, at the end of the year is still negative, but small – not more than 15 billion dollars”, – he said.

Investment in fixed capital will be reduced in 2016 by 4%, said the speaker. Investment activity in the Russian economy will resume in the second half of 2017, hopes the Minister.

Ulyukayev: the recession will last until the end of 2016 26.10.2016

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