5 Dec 2019 14:57

Russian GDP could grow 1.3-1.5% in 2019 - Medvedev

MOSCOW. Dec 5 (Interfax) - Russian GDP could grow 1.3%-1.5% in 2019, Prime Minister Dmitry Medvedev said in an interview with Russian TV channels.

"On the whole our economy and social sphere have got through 2019 absolutely fine, steadily...This year our economy has developed but perhaps not at the sort of pace we might all have wanted. The maximum growth we are expecting might be between 1.3% and 1.5%," he said.

The Russian Economic Development Ministry estimates GDP grew 1.3% in January-October with growth quickening to 2.2% in October. The government's official forecast for the year is also 1.3%.

"By and large we expected that things would heat up to some extent with the launch of work on national projects and we hope that as the result of the measures we have taken and a whole range of new measures we will approach more sustainable and higher rates of growth," Medvedev said." "We have to be growing like the world economy is growing, around 3% per year, and that is quite achievable," he said.

He also said inflation this year would be "no more than 3.8%." "This is the lowest inflation in the history of the Russian Federation, since the moment our country was formed," he said.

Inflation was actually lower than that in 2017, at 2.5%, according to the Russian Federal State Statistics Service. The next lowest figure after that was 4.3% in 2018, so the 2019 figure will be the second lowest.

"Regarding other figures, then of course there is a good unemployment figure. Unemployment in our country has been low of late, around 5%, and it will be lower still this year, around 4.6%-4.7% of the work force," Medvedev said.