Russia's GDP Growth to Fall to 3% - HSBC

© RIA Novosti . Mikhail FomichevRussia's GDP Growth to Fall to 3% - HSBC
Russia's GDP Growth to Fall to 3% - HSBC - Sputnik International
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Russia's gross domestic product growth will slow down to three percent at the end of 2012 and to 2.5 percent next year, HSBC Chief Economist for Russia and the CIS Alexander Morozov said on Wednesday.

Russia's gross domestic product growth will slow down to three percent at the end of 2012 and to 2.5 percent next year, HSBC Chief Economist for Russia and the CIS Alexander Morozov said on Wednesday.

GDP growth will be curbed by lower exports and internal demand from the second half of 2012, and lower investment ahead of the presidential elections in March, Morozov told reporters.

HSBC forecasts capital outflow from Russia will amount to $50 billion this year, owing to a reduction of net foreign investment and more offshore deals. The bank also expects the Russian ruble to fall to 32.60 against the U.S. dollar at the end of 2012, while the value of the bi-currency basket, comprising $0.55 and 0.45 euros, will rise to 39 rubles.

Last year Russia’s gross domestic product grew by 4.2 percent, the world’s third highest growth rate among leading economies. The government expects it to grow 3.7 percent this year.

 

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