UralSib lowers Russian 2010 GDP forecast to 4% from 5.5%, raises 2011 outlook
MOSCOW. Nov 15 (Interfax) - Uralsib has lowered its 2010 GDP growth forecast for Russia to 4% from 5.5%, the financial corporation said in an analytical note.
UralSib said several negative tendencies were seen in recent months, prompting it to revise the forecast down. It now expects growth to slow, inflation to accelerate, the current account surplus to narrow and the ruble to weaken more than was previously anticipated. It said these trends had been compounded by the severe drought in the summer, insufficient growth in lending to the real sector and slow global economic recovery.
However the outlook for growth in 2011 improves from 3.8% to 4.6%.
Exchange rate forecasts are changed from 29.1 rubles to 29.9 rubles/$1 in 2010 and from 27.7 rubles/$29.4 rubles/$1 in 2011.