23 Sep 2009 16:33

Russian govt approves adjusted macroeconomic forecast for 2010-2012

MOSCOW. Sept 23 (Interfax) - The Russian government, at a meeting on Wednesday, approved an adjusted socio-economic forecast for the country's development in 2010-2012, Deputy Economic Development Minister Andrei Klepach said at a briefing at the White House.

It was earlier reported that the Economic Development Ministry had approved an adjusted forecast for 2010-2012 at the end of August and presented its to the Finance Ministry in order to adjust budget calculations for the period.

In the main version of the 2009 forecast (used for budget formulation), the average annual price for Urals brand oil was changed to $57 from $54 a barrel (July's earlier forecast). Forecast average annual prices for 2010 were increased from $55 to $58, in 2011 - from $56 to 59 and in 2012 - from $57 to $60.

In the budget version, the estimate for GDP losses in 2009 went unchanged at 8.5%. The 2010 forecast for GDP growth was raised fto1.6% from 1% (according to the previous forecast), 2011 - from 2.6% to 3% and 2012 - from 3.8% to 4.3%. According to the ministry's forecast, Russia will return its pre-crisis economic level from 2008 in 2012.