OPEC Revises Russian Economy’s Growth Forecast, Expects 0.8% Growth in 2017

According to OPEC reports, Organization of the Petroleum Exporting Countries revised its 2017 economic growth forecast for Russia, expecting a 0.1 percent-stronger recovery of 0.8 percent next year.

MOSCOW (Sputnik) – The Organization of the Petroleum Exporting Countries (OPEC) on Friday revised its 2017 economic growth forecast for Russia, expecting a 0.1 percent-stronger recovery of 0.8 percent next year.

"Russia is forecast to see a stronger recovery of 0.8% in 2017, following a contraction of 0.6% this year," OPEC said in its Monthly Oil Market Report for November.

The Russian economy’s expected growth is 0.1 percentage point better than the October forecast, according to the report.

Russian central bank’s steps toward lower interest rates should be taken positively and prompt better expectations for spending, lending and investment, OPEC added.