Finance Ministry Projects 0.8% Real GDP Growth in 2015

The Finance Ministry has updated its autumn macroeconomic forecast, its press office said on Thursday.

Real GDP growth is projected at 0.8 per cent in 2015, 1.5 per cent in 2016, and 2.3 per cent in 2017. Consumption will rise by0.5 per cent of GDP in 2015. Export of goods and services will increase by 2.9 per cent, and import by 2.3 per cent, according to the updated forecast.

The unemployment rate is projected at 11.7 per cent. Annual average inflation is 0.1 per cent. The current account will stand at 1.8 per cent of GDP. The trade balance will be in a deficit of 7.3 per cent of GDP.

The update was necessitated by internal and external changes in the economic environment, the Finance Ministry said. The European Commission's November autumn forecast for the development of the EU economy is more pessimistic than the spring forecast. The Commission experts expect a slowdown in economic growth in the Euro zone at the end of 2014 and the beginning of 2015, and a gradual improvement in economic activity afterwards.