European Commission forecasts Russian GDP to decline 1.2% in 2016

13:04, 04.02.2016 1 min read

The European Commission (EC) forecasts that Russian GDP will decline 1.2% in 2016, the EC said in a statement.

It forecasts Russian GDP to grow 0.3% in 2017.

In its forecast published last November, the EC said Russian GDP would shrink 0.5% in 2016 and grow 1% in 2017.

Russian GDP contracted 3.7% in 2015.

The growth outlook in Russia and Brazil has deteriorated sharply, as it has for countries in the Middle East, North Africa and Sub-Saharan Africa. Although expectations remain that the emerging market slump hit bottom in 2015, it appears the ensuing recovery will be weaker and take longer than was forecast last autumn, the EC said.

The EC now expects Brazilian GDP to decline 3% in 2016 and grow 0.3% in 2017, compared with a decline of 0.5% and an increase of 1.2% respectively forecast in November.