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Russian govt sees about 2% growth in 2017

dpa logodpa 30/04/2017

Russia expects economic growth of about two per cent for 2017, Trade Minister Denis Manturov says.

Russia expects economic growth of about two per cent for 2017, a reversal after years of recession, Industry and Trade Minister Denis Manturov has told German newspaper Welt am Sonntag.

He said almost all sectors saw rapid growth in 2016 and the first quarter of 2017. That's an improvement over earlier estimates, which only foresaw slight growth for this year.

Russia has been struggling with low oil prices for years, as well as Western sanctions imposed for its role in the Ukrainian crisis.

Manturov said Russia has learned to work around the sanctions. For example, technological products it used to import from Europe now come from other countries. Russian manufacturers also won a share of the local market.

Indeed, he said, the sanctions have had the unintended effect of acting as a kind of development aid for Russian industry.

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