Ulyukaev announced the end of the recession in the Russian economy

The head of the Ministry of Economic Development Alexey Ulyukaev said that the recession in the Russian economy is over. He made such a statement at a meeting with the heads of diplomatic missions of the EU member states in Moscow, reports . RIA Novosti

The head of the department stressed that inflation in Russia is slowing down and will drop to 12-14% by the end of the year. In addition, according to Ulyukaev, the decline in GDP in 2015 will be 3.7%, although earlier the Ministry of Economic Development spoke of 3.9%.

“According to formal indicators, the recession in the Russian economy has ended,” Ulyukaev said.

Earlier, Sberbank President German Gref predicted zero economic growth in 2016. Finance Minister Anton Siluanov said that next year could be the last for the reserve fund. The volume of reserves in 2015 was reduced by more than half.According to him, Russia will not be able to avoid austerity, and the reduction in budget revenue in 2015 will be from 2 to 2.5 trillion rubles.