January 31, 2015 / 1:27 PM / 3 years ago

Russian economy ministry sees 2015 GDP contracting 3 pct - Interfax

MOSCOW, Jan 31 (Reuters) - Russian Economy Minister Alexei Ulyukayev said the ministry sees the country's economy shrinking 3 percent in 2015 and inflation of 12 percent by the end of the year, the Interfax news agency cited him as saying on Saturday.

Earlier, the minister said it was basing its macroeconomic forecast scenario at an average price of oil, Russia's chief exports, of $50 per barrel.

Ulyukayev also said that Russia is likely to see some $115 billion in net capital outflow this year.

Capital investment - cash invested in firms' tangible goods such as building and infrastructure - is likely to fall by 13 percent this year and retail sales by 8 percent, he said. (Reporting by Polina Devitt, Maria Kiselyova and Darya Korsunskaya; Writing by Lidia Kelly; Editing by Hugh Lawson)

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