Russia cuts 2013 GDP growth forecast to 2.4%

Russian Economics Ministry has lowered its 2013 forecast for the country’s GDP growth to 2.4 percent from 3.6 percent amid stagnating exports and faltering investment, Deputy Economics Minister Andrei Klepach said on Thursday.The ministry cut its GDP growth forecast after Russia’s exports, a key source of budget revenues, failed to demonstrate any growth in 2013 while fixed capital investment growth was just 4.6 percent, Klepach said, according to RIA Novosti.If the data for the first months of 2013 are extrapolated for the full year, Russia’s GDP growth is estimated at a mere 1.7 percent, Klepach said.Klepach added the ministry also expects net capital outflow to reach $30-35 billion in 2013 compared with its original forecast of 0-$10 billion.Russia’s GDP grew only by 3.4 percent last year, the lowest since the deep recession of 2009, with weak demand for Russian exports in Europe