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Russia’s GDP to Increase 1.5 Percent in Both 2017, 2018 - Moody’s

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Moody's forecasts that real GDP growth in Russia will increase by 1.5 percent per year in 2017 and 2018, according to official statement.

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WASHINGTON (Sputnik) — Russia’s real GDP growth will increase 1.5 percent in 2017 and 2018 as the country continues the recovery that it entered last year, Moody’s Investors Service said in a press release on Monday.

"Moody's forecasts that real GDP growth will increase by 1.5 percent per year in 2017 and 2018," the release stated.

Moody’s Senior Vice President Kristin Lindow noted that Russia’s economic recovery, led by effective micro policy management, has helped it contain the impact of low oil and gas prices.

GDP growth will be led by gains in household and real incomes and easing monetary policy, according to the release.

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Additionally, Russia’s general government deficit-to-GDP ratio will decline in 2017 and 2018 due to fiscal consolidation and stronger revenue prospects. The government deficit is expected to drop to 1.8 percent of GDP in 2018, down from 3.7 percent in 2016.

Stress on the banking system or material weakening in the country’s capacity to absorb shocks could put negative pressure on Russia’s credit rating, while positive pressure would come from additional government reforms that increase economic diversity and productivity.

Moody’s noted that domestic or regional political issues that result in new sanctions or capital flight from the country would also be credit negative.

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