Alive and Kicking: Russia's Q1 Annual GDP Grows by 0.2%-0.4%

MOSCOW (Sputnik) — Russia's first-quarter annual GDP growth stood at 0.2-0.4 percent, the Bank of Russia said in information and analytical materials published Wednesday.

"According to the Bank of Russia estimates, the annual GDP growth in the first quarter of 2017 was 0.2-0.4 percent," according to the bank's "Economy" newsletter.

When adjusted for the calendar effect, Russia's January 1-March 31 annual GDP growth would have totaled one percent, the newsletter states.

The bank expects 0.3-0.5 percent growth, with seasonal and calendar adjustments, in the second quarter of 2017.

Russia has been hit by a downturn that began in early 2015 after falling oil prices and Western anti-Russia sanctions took bite. The country's GDP fell 3.7 percent in 2015, according to the Russian Federal Statistics Service Rosstat.

On April 18, the International Monetary Fund (IMF) said in its World Economic Outlook report that Russian economic growth is expected to pick up in 2017 — 2018 and will reach 1.4 percent for both years.