Russia's recession to last three quarters, growth expected in Q4 - Ulyukayev
MOSCOW. April 8 (Interfax) - Russia's recession will last for no more than three quarters this year, and growth is expected in Q4, Economic Development Minister Alexei Ulyukayev said during the State Duma's government hour.
"This year's recession will probably last no longer than three quarters, and starting with the fourth quarter of this year and first quarter of next, [we] might gradually transition into positive growth. For 2016, we are expecting 2%-3% growth amid continued adverse conditions for our business and amid continuing sanctions, which requires that foreign debt be repaid and makes it impossible for companies to refinance it," he said.
He said that the Economic Development Ministry is forecasting the growth of oil prices to $80 by the end of 2018.
"We are expecting some growth in the price, to $80 per barrel by the end of a three year period, by the end of 2018, but not a return to the price situation, which we had last year. Therefore the cost dynamics of oil exports, its share on the general market will fall," Ulyukayev said.
At the same time the share of non-commodity exports in total exports will rise. "We are expecting its rate of growth at about 7%," the minister said.
