OREANDA-NEWSBusiness Ombudsman Boris Titov does not rule out that the fall in GDP and the federal budget deficit following the results of 2020 in Russia may amount to more than 10%. He stated this at a press conference.

“I think that the reduction in GDP, if we are talking about March, is definitely double-digit numbers”, Titov warned. The further state of the economy will depend on how long the quarantine lasts, and on the results of negotiations to reduce oil production. “And in the whole year there may be double-digit figures fall in GDP”, said the business ombudsman.

Titov explained that in 2019, the contribution of the oil sector to Russia's GDP was 14%, trade - 12%, and manufacturing - 11%. All of these areas have been hit hard by the coronavirus pandemic and falling oil prices. According to the business ombudsman, the budget deficit for the year may be more than 10% if the oil price does not increase.