Russia has cut its 2012 growth forecast, to 3.4 percent from 3.7 percent, a minister said Friday, as the oil dependent-economy will likely face headwinds later this year. "We have lowered our growth estimate to 3.4 percent from our previous estimate of 3.7 percent," Economic Development Minister Elvira Nabioullina was quoted as saying by Russian news agencies.
Analysts said the downgrade showed the ministry facing up to the likelihood of more difficult economic outlook. "Finally, the ministry ... is beginning to realise that the economy will have to face some headwinds during the course of the year," said Ivan Tchakarov, economist with Renaissance Capital. The Russian economy grew 4.3 percent in 2011.