Russia's Economic Development Minister Expects GDP to Start Growing in October

Economic Development Minister stated that the Russian economy will enter a growth phase in the fourth quarter of 2016 following a 0.6-percent year-on-year decline in the first seven months of the year.

KURSK (Sputnik) – The Russian economy will enter a growth phase in the fourth quarter of 2016 following a 0.6-percent year-on-year decline in the first seven months of the year, Economic Development Minister Alexei Ulyukayev said Monday.

"With seasonal adjustment, there quite possibly may be slight growth in August. July-to-July was negative 0.6 percent. There was no change at negative 0.9 percent over seven months [year-on-year]," Ulyukayev told reporters.

The minister further projected definite growth in the last three months of the year.

"I have said that fourth-quarter [growth] is definite. There is equal probability [for growth or declnie] in the third quarter," Ulyukayev asserted.

Both the International Monetary Fund (IMF) and the Organization of the Petroleum Exporting Countries (OPEC) have revised upward their latest forecasts of the Russian economy. The Economic Development Ministry spokesperson told RIA Novosti this month that a second-quarter halt in the GDP decline indicates potential for growth, including in the agriculture, financial services and real estate transactions.