The base plus forecast by the Economic Development Ministry’s envisages GDP growth of 1.1% in 2017, Economic Development Minister Alexey Ulyukayev said on Wednesday.

Speaking at the Federation Council, the upper chamber of parliament, he said:

“We may expect the recovery of the gross domestic product in 2017 by 1.1%, in 2018 by 1.1% and in 2019 by 2.4%.”

Сapital outflow expected at $15 bln in 2016

The minister has also noted that capital outflow this year is expected at $15 bln.

“In 2014, capital outflow totaled $153 bln, last year it decreased three-fold to $52 bln. This year it will decrease four-fold, by the end of year it will be no more than $15 bln,” he said.

According to Ulyukayev, inflation in Russia may soon go down below the Central Bank’s target of 4% by end-2017.

“I’m almost convinced that soon we’ll see actual inflation even lower than the Central Bank’s target (of 4% – TASS),” he said.

Privatization of Rosneft

The minister has also pointed out that preparations for privatization of Rosneft were to end by December 2016.