Ulyukayev: Russian economy reaches bottom

Ulyukayev: Russian economy reaches bottom

The Minister of Economic Development of Russia, Alexei Ulyukayev, believes that the Russian economy has reached the "bottom" and in the fourth quarter it will show better results than in the third. At the moment, the decline in GDP in July in annual terms rose to 4.6% from June's figure of 4.2%, while the seasonally cleaned monthly dynamic is close to zero.

"Yes, I have," Ulyukayev answered a journalist's question as to whether he has a feeling that the Russian economy has reached the bottom.

Ulyukayev explained the growth of the economy weakening on an annual basis this July was due to the high base of last July.

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