Dvorkovich: sanctions cost the economy 0.5 percentage point of growth

Dvorkovich: sanctions cost the economy 0.5 percentage point of growth


The total effect can be estimated at 0.5 percentage points of economic growth that were lost because of the sanctions, while 3 percentage points were lost because of lower oil prices, said Deputy Prime Minister Arkady Dvorkovich.

Hong KONG, 18 Jan. The Russian economy in 2015 lost 0.5 percentage point of economic growth due to sanctions, and due to the fall in oil prices has slowed growth decreased by 3 percentage points, said Deputy Prime Minister Arkady Dvorkovich.

“The sanctions were not as important as the price of oil. The total effect can be estimated at 0.5 percentage points of economic growth that were lost because of the sanctions, while 3 percentage points were lost because of lower oil prices,” — said Dvorkovich, speaking at the site of the Asia Society in Hong Kong. He later told reporters that the matter is about the loss of economic growth since the beginning of 2015.

The head of the Ministry of economic development Alexei Ulyukayev on Saturday said that the decline of the Russian economy in 2015 will be around 3.8-3.9 percent.