MOSCOW (Sputnik) — Russian economic growth is modest, but the country's GDP has been increasing for three consecutive quarters, reaching 0.7 percent in January-April 2017, Russian President Vladimir Putin said Thursday.
"What allows us to say that the recession in the Russian economy is over? The first and very important fact is that we had three quarters of economic growth, GDP growth. Modestly, but nevertheless, [it grows] from quarter to quarter," Putin said during his annual "Direct Line" session.
He recalled that GDP growth in the fourth quarter last year amounted to 0.3 percent year-on-year, then accelerated to 0.5 percent in the first quarter of this year before growing 1.4 percent in April compared to the same month last year.
"In general, over four months we had plus 0.7 percent," Putin added.
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.
