Russia’s GDP drops 2% in Q1’15

April 22, 2015. Russia’s GDP dropped by about 2% in the first quarter of 2015 compared with a year earlier, Interfax refers to Prime Minister Dmitri Medvedev as saying at the State Duma meeting on Tuesday.

According to Medvedev, the industrial output decreased by 0.4% compared with Q1’14.

‘All this isn’t the worst of the possible scenarios. To be frank, the situation with prices, unemployment, the banking system, and many branches of industry could be more complicated and threatening,’ Medvedev said. He added that the country had gone through ‘much more serious problems’ in 2009, when its GDP dropped by nearly 8% and its industrial production output by over 10%.

The Economic Development Ministry’s early April forecasts stated that Russia’s GDP would decrease by 3% in 2015 and then go up by 2.3% in 2016 and by 2.5% a year in 2017 and 2018.

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