Nabiullina: the acute phase of the economic downturn in Russia passed

Nabiullina: the acute phase of the economic downturn in Russia passed


Overall for 2015, according to the Central Bank, Russia’s GDP will decrease by 3,7-3,9%, it is slightly better than the previous forecast of 3.9-4.4 per cent, said the head of the Bank of Russia.

MOSCOW, 11 Dec. The acute phase of the economic downturn in Russia passed, but to talk about sustainable recovery is still too early, said the head of the Bank of Russia Elvira Nabiullina.

“In our view, it is possible to speak about the end of the most acute phase of the economic downturn. In the third quarter decline in GDP in annual terms was not as strong as in the second quarter,” Nabiullina said during a speech on the results of Friday session of Board of Directors of the Bank of Russia.

“Overall for 2015, according to our estimates, GDP will decrease by 3,7-3,9%, it is slightly better than our previous forecast of 3.9-4.4 per cent”, she added.

However, talking about sustainable positive trends so far, said the head of the Central Bank.