On 6, April, 2012, in Moscow Deputy Minister Andrey Klepach gave a briefing

06.04.12

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The topic of the briefing was the updated macroeconomic forecast for 2012-2015 years.

Media reports

Russia economy ministry sees 2012 capital flight at up to $20 billion

Reuters

Russia's Economy Ministry expects $10-$20 billion in net capital outflows to flee the country in 2012, Deputy Economy Minister Andrei Klepach said on Friday.

Klepach told a briefing that the ministry has revised its 2012 forecast of an average ruble rate to 29.2 rubles per dollar from 31.1 rubles.

Budget deficit in 2012 is seen at 0.5 percent of gross domestic product (GDP) while the economy itself will grow 3.8 percent in 2013 compared to a previous forecast of a 3.9 percent growth, he said.

The ministry also lowered its forecast for industrial output growth to 3.1 percent from 3.6 percent in 2012, and to 3.4 percent from 3.8 percent in 2013, Klepach said.

Ruble Forecast Lowered

The Moscow Times

Russia expects the ruble to average 29.2 per dollar this year, compared with an earlier forecast of 31.1, according to preliminary Economic Development Ministry macroeconomic forecasts distributed to reporters Friday.

The government also lowered its industrial production growth estimates to 3.1 percent from 3.6 percent in 2012 and to 3.4 percent from 3.8 percent next year.

The country's gross domestic product may grow 3.8 percent in 2013, the ministry forecasts. The federal budget will be "close to balanced" with a deficit of about 0.5 percent of GDP, Deputy Minister Andrei Klepach said. The current-account surplus will top $83 billion this year, up from an earlier estimate of $53 billion, before dropping to $23 billion in 2013, the forecast shows.

(Bloomberg)