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Russia’s economy ministry cuts 2013-2015 GDP forecast

Moscow: Russia’s economy ministry cut its 2013-2015 gross domestic product growth forecast on Tuesday, saying investment by firms and consumer demand would be weaker than expected.

Economy Minister Alexei Ulyukayev was quoted by Russian news agencies as saying that gross domestic product would grow by 1.4 per cent this year compared to 1.8 per cent.

Ulyukayev said GDP was likely to grow by 2.5 per cent next year, down from an estimate of 3 per cent, and by 2.8 per cent in 2015. An earlier forecast envisaged GDP growth in 2015 of 3.1 per cent.