The speaker: the situation in the economy deteriorated due to low oil prices

The speaker: the situation in the economy deteriorated due to low oil prices


Russia has a small negative result and industrial production, and GDP with the removed seasonality, noted the Minister of economic development Alexei Ulyukayev.

NAIROBI, 18 Dec. The situation in the Russian economy in November had deteriorated under the impact of lower oil prices — seasonally treated monthly dynamics of GDP was back in negative plane and in annual terms remained at the level of October, however, the Minister of economic development Alexey Ulyukaev still believes that by the end of 2015 the GDP is limited to 3,7-3,8%.

“Unfortunately, the situation deteriorated slightly, and that trend that we had from July – four months – to October, in November was not confirmed — we have a negative result and industrial production and GDP with the removed seasonality,” said the speaker journalists.

In early December, the speaker is pre-estimated that the Russian economy in November showed an increase with the removed seasonality by 0.1%. With month seasonally adjusted GDP did not fall into a negative trend for four months.

According to the Minister, monthly GDP estimates are rather approximate. “However, we have such evidence. Of course, this is the reaction of the economy to changes in oil prices, that inflation is falling a little slower than we expected, which means greater reduction of consumer demand. But then again one month is very difficult to judge,” explained the Minister.

In annual terms, the GDP dynamics in November, the Minister of economic development called “very rough, about the same as in October”. According to the Ministry of economic development, the economic downturn in October was 3.7%. In January-October the GDP amounted to 3.7%.

Answering the question, does the Minister wait for decrease in GDP by the end of 2015 to 3.7 percent, Ulyukayev said: “still can get a 3.7%, 3.8 per cent. The accuracy here to one tenth”. Official forecast Ministry for GDP for 2015 is 3.9%.