Russia cuts outlook for 2013 GDP growth to 1.8%
Print Edition
Russia yesterday cut its 2013 economic growth forecast to 1.8 percent from a previous estimate of 2.4 percent after a poor first-half performance, Russian news agencies reported, citing the government.
If the figures are confirmed, it will be the first time since the 2008-09 financial crisis that the Russian economy has performed so badly. In 2012, Russia’s economy grew 3.4 percent, and in 2011 it expanded 4.3 percent.
For next year, the government cut its growth forecast to between 2.8 percent and 3.2 percent, instead of 3.7 percent previously.
This is the second time this year the government has lowered its 2013 gross domestic product growth forecast, having cut in April to 2.4 percent from 3.6 percent.
Disappointing second-quarter figures published at the beginning of this month forced the government to once again review its projections.
Referring to government documents, Russian media also said the growth forecast for industrial production has been cut to 0.7 percent from 2 percent.
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