Minister: Russia’s economy to shrink by 3% in 2015

Russia's economy minister on Saturday said GDP is expected to shrink by three percent in 2015 with oil prices at $50 a barrel, while capital flight is estimated to be $115 billion.

The government previously predicted the contraction at 0.8 percent. Inflation predictions have also been revised for the current year from 7.5 percent to 12 percent, minister Alexei Ulyukayev said, news agencies reported.

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