The Ministry of Economic Development appreciated the recession of GDP for three quarters

In January-September 2016, the Russian economy decreased by 0.7%. This was stated by the deputy head of the Ministry of Economic Development Alexei Vedev, reports Prime .

According to him, in the third quarter, the decline in the GDP of the Russian Federation slowed up to 0.5%. In general, according to the results of the year, the Ministry retains the forecast for which the reduction in GDP will be 0.6%.

According to Rosstat, in the second quarter, the Russian economy decreased by 0.6%, and in the first - by 1.2%. A similar assessment was given to the Ministry of Economic Development.

Vedaev also noted that data on GDP dynamics in September will appear in the coming days, Interfax reports. In August, the reduction in GDP in annual terms turned out to be zero after an economic recession by 0.8% in July.

As for the forecast for 2017, the “basic” scenario of the Ministry of Economic Development expects the growth of Russian GDP by 0.6%, and in the “basic plus” script - by 1.1%. Meanwhile, in the long-term forecast until 2035, the Ministry forecasts 20-year stagnation in Russia: in the “basic” version, it is expected that the average annual GDP growth rate in this period will be on average 1.8% per year, in the “basic plus” version-2% per year, and in the “target” version-3.6% per year.