OREANDA-NEWS. January 23, 2009.The Russian Ministry for Economic development has revised its economic forecast for 2009 and now expects a 0.2% downturn in Russia’s GDP instead of 2.4% growth. The Ministry also projects industrial manufacturing in Russia to decline by 5.7% instead of the earlier expected 3.2% downturn.

The deputy economic development minister, Andrei Klepach has confirmed that the forecast for Russia’s 2009 GDP was reviewed downwards to -0.2%. "Yes, I confirm that the forecast has been downgraded", Klepach told Reuters, but did not disclose either details or figures of the new forecast. In December 2008, the Economic Development Ministry acknowledged that a recession in the Russian economy would continue until at least mid-2009. A source at one of the country’s economic authorities said that in 2009, exports from the Russian Federation would decrease by 43%, imports would fall by 16%, while the foreign trade balance would remain positive and amount to about USD 24 mn. Additionally, in line with the ministry’s new forecast, fixed capital investments would drop 1.7% against an earlier expected 1.4% upturn.