Russia's GDP to Decline by 0.5-0.7% in 2016 - Central Bank

Russia's GDP will decrease by 0.5-0.7 percent in 2016, with its annual negative growth rate slowing down to 0.4 percent, Russian Central Bank said Thursday.

MOSCOW (Sputnik) — The monetary authority noted that weak GDP growth could be linked to insufficient consumer's demand.

"Russian Central Bank estimates that the GDP will decline by 0.5-0.7 percent in 2016…. The GDP's annual negative growth rate has slowed down to 0.4 percent," the bank said.

Earlier on Thursday, Russian President Vladimir Putin predicted GDP decline of about 0.2 percent in 2016.