The International Monetary Fund (IMF) has lowered its 2014 Russian GDP growth forecast from 2 percent to 1.3 percent.

The IMF said in its latest World Economic Outlook (WEO) Update that the 2015 forecast was now 2.3 percent, down from the 2.5 percent the Fund was predicting in January.

CIS economic growth might be 2.3 percent in 2014, 0.3 pp less than the IMF forecast in January, while the 2015 forecast remains 3.1 percent. Minus Rusia, CIS economic growth of 5.3 percent and 5.7 percent is possible in 2014 and 2015, respectively, down 1.3 pp and 1.4 pp from previous forecasts.