Ulyukaev downgrades 2015 forecasts for Russian economy

Russian economy: Russia’s Minister for Economic Development Alexei Ulyukaev yesterday called for this year’s forecasts for the Russian economy to be revised downwards after figures for Q2 indicated that it  was shrinking faster than expected. Analysts now believe that  GDP will have fallen by between 3.3% and 3.7% by the year end, compared to previous forecasts of 2.8%.
His remarks came the day  after
Rosstat published data showing that GDP for the second quarter of 2014 stood at 95.4% of the same period  in 2014.

Source: Gazeta