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Decline in Russia’s GDP in 2016 to Stand at 0.5%-0.6% – Putin

© Sputnik / Grigory Sysoev / Go to the mediabankRussian President Vladimir Putin attends his annual end-of-year news conference in Moscow, Russia
Russian President Vladimir Putin attends his annual end-of-year news conference in Moscow, Russia - Sputnik International
According to the Russian president, the decline of the Russian GDP is expected to amount to 0.5-0.6 percent in 2016.

GDP - Sputnik International
Russia's GDP to Decline by 0.5-0.7% in 2016 - Central Bank
MOSCOW (Sputnik) – The decline of the Russian gross domestic product (GDP) is expected to amount to 0.5-0.6 percent in 2016, compared to 3.7 percent in 2015, Russian President Vladimir Putin said on Friday at the annual press conference.

"This year there will also be a small decrease but not 3.7 percent. We thought it would be about 1-percent decline but then corrected and said there would be about 0.7 percent [GDP decline], later – 0.6 percent," Putin said.

"In November, we witnessed a small GDP increase in the country and the decline is likely to amount to 0.5-0.6 percent this year," the president added.

While speaking about budget, Putin said that Russia's budget deficit was expected to total 3.7% of GDP in 2016, which was acceptable.

"Last year the budget deficit was 2.6 percent, I think. This year it will be a little bit higher… At the moment, it is 2.4 percent for a 10-month period, but it will reach 3.7 percent," Putin said at the annual press conference.

"This, in my opinion, is an absolutely acceptable figure, in particular because we still have a positive balance of foreign trade, reaching over $70 billion," Putin said.

At the same time, Vladimir Putin said he was optimistic about capital flight dynamics in the country after the bottom line figure for 2016 looks likely to be $16-17 billion.

"The drop in capital flight numbers is heartening," Putin said at the annual press conference. "Let's look at the figures… $57 billion in 2015. This year, I reckon, it was $9 billion in the first 9-10 months and looks likely to reach some $16-17 billion by the year-end."

"All in all, the dynamics look very promising," Putin added.

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