The Bank of Russia expects the nation's GDP to grow in 2017-2019 even if the conservative scenario for oil prices hits the mark, the regulator said in a press release after the board meeting.
"Notwithstanding the current pace of recovery and the economy's stronger resistance to fluctuations in the external economic conditions, the Bank of Russia expects GDP to grow in 2017-2019 even if oil prices unfold under a conservative scenario," the Bank of Russia said in the press release.
Based on the Bank of Russia's estimates, the economy continued to recover in the first quarter, and fixed capital investment is expected to rise.
"Industrial output keeps on rising, unemployment is in decline. The labor market has been adapting to new economic conditions when separate segments suffer a shortage in staff. The degree of recovery has become smoother in the regions," the Bank of Russia pointed out.
