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Russia cuts growth forecast to 1.8%

AFP-JIJI

Russia on Monday lowered its 2013 economic growth forecast to 1.8 percent from a previous estimate of 2.4 percent after a poor first-half performance, Russian news agencies reported, citing the government.

If the figures are confirmed, it will be the first time since the 2008-09 financial crisis that its economy has performed so badly. In 2012, Russia’s economy grew 3.4 percent, and in 2011 it was at 4.3 percent. For next year, the government lowered its forecast to between 2.8 percent and 3.2 percent growth, instead of the previously communicated 3.7 percent.

This is the second time this year the Russian government has lowered its 2013 gross domestic product growth forecast, having cut it in April to 2.4 percent from 3.6 percent.