Fitch "cancels" Russian GDP growth

Rating agency Fitch Ratings has worsened its forecast of Russia's GDP for the current year.

Previously, its experts had expected growth of this indicator by 0.5%, but now they believe that on the contrary, it will decrease by 1.5%.

The rating agency explained that the revision of its forecast is due to the low oil prices, leading to a reduction in profits of corporations and tighter fiscal policy, as well as high interest rates and a reduction of real salaries, which put pressure on the consumption of  population, gazeta.ru reports.