Russia’s 2019 growth outlook remains at 1.3pc

27 May, 2019 12:00 AM printer

MOSCOW: Russian economy will grow by 1.3 percent for the year of 2019 as expected, Economic Development Minister Maxim Oreshkin said here on Tuesday, refuting an outlook of recession.

Russia's GDP growth outlook for 2019 remains at 1.3 percent, TASS said, quoting the minister at a briefing, reports AFP.

In December, Oreshkin indicated that the ministry forecast Russia's economy would grow by 1.3 percent for the year of 2019.

Russia's GDP grew by 0.5 percent year-on-year in the first quarter of 2019, which was the weakest growth rate since the last quarter of 2016, according to the preliminary data from the country's statistics authorities.

"The data for the first quarter is preliminary and may change in both directions. We projected a weak dynamics for Q1," Oreshkin said.

Meanwhile, the minister ruled out a possible recession in the Russian economy in the second half of 2019, attributing the weak growth in Q1 to the temporary tax and budget factor.