Russian GDP to Start Growing at the End of 2015 - Minister

Russia is likely to overcome its economic recession in the third quarter of this year. At the end of 2015, the country will move into a positive phase of economic growth.

MOSCOW (Sputnik) – Russia’s economic recession will come to an end in the third quarter of this year and the gross domestic product (GDP) will begin growing in the fourth quarter of the current year or beginning of 2016, Russian Economic Development Minister Alexei Ulyukayev said Wednesday.

“We believe the recession will most likely continue for no more than three quarters, and beginning from the fourth quarter of this year or the first quarter of 2016, we will gradually move into a positive pace of economic growth and by the end of 2016 we expect a growth of two-three percent for 2016 [while still] not under the best conditions for our companies and sanctions,” Ulyukayev said during a parliament session.

In March, the Russian Central Bank said that the country’s economy will falter until the first quarter of 2016, before beginning a slow recovery.

Russia is currently experiencing an economic downturn. The country’s authorities have cited the sharp decline in oil prices and Western economic sanctions, imposed on Moscow over its alleged interference in the Ukrainian crisis, among reasons for the country's economic problems.

In January, the Russian government unveiled an anti-crisis plan, aimed at stabilizing the country's economy.

Russian President Vladimir Putin stated that the Russian economy would soon recover despite current difficulties.