Min: Russia’s GDP growth may exceed 2% forecast in 2017

PETROZAVODSK, Jul 26 (PRIME) -- Russia’s gross domestic product (GDP) growth will likely exceed the current forecast of 2% in 2017, as the economy has risen 1.6% in January–June and positive trends will strengthen in the autumn, Economic Development Minister Maxim Oreshkin told reporters on Wednesday.

“Our 2% (growth) forecast for the year already looks a bit conservative. We expect further strengthening of positive trends in the economy in the autumn. We see that wages and people’s incomes gradually start to recover – all these are positive trends which will only intensify now,” he said.

“Under our estimates, Russia’s GDP grew around 2.7% on the year in the second quarter. In the first half of the year economic growth is estimated at 1.6%.”

Interest rates are gradually falling helping banks to boost lending, including to small and medium-sized businesses, he added.

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