MOSCOW (Reuters) - Russia’s economy could grow significantly below 1 percent in gross domestic product terms (GDP) this year if current trends continue, Deputy Economy Minister Andrei Klepach said on Thursday.
“Our economy is not in crisis, but there is stagnation,” Klepach told a local conference. “If before we had expected that stagnation may come to an end in the first quarter or by mid-year, now we see risks that if measures are not taken it may continue.”
He said he expected GDP to grow 0.8 percent in the first three months of the year due to revised data for 2013 giving it a low base effect.
Reporting by Darya Korsunskaya; Writing by Lidia Kelly, editing by Elizabeth Piper