(MENAFN- Qatar News Agency) Russia's Economic Development Ministry has reduced its 2012 gross domestic product (GDP) forecast in projection of a more realistic economic future.
According to Russian news agency (Ria Novosti), Russia's Economic Development Ministry partially attributed the forecast reduction to a revised investment forecast for this year, down from 7.8% to 6.6%.
"This is one of main reasons why we lowered our GDP growth forecast to 3.4 % from 3.7 %," said Russian Economic Development Minister Elvira Nabiullina.
Last year, Russia s GDP grew by 4.2% recording the world's third-highest growth rate among leading economies.
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