Gazprom to increase Russian GDP

The deal of Gazprom with China will spur the growth of Russian GDP, Bank of America thinks. Other economists are pessimistic and consider that problems of the economy can’t be solved by one contract.

Bank of America Merrill Lynch has raised its forecast for Russia's economic growth from 1.5 to 2.1% in 2015. The reason is the gas deal with China, the bank's analysts wrote in their report "No more reductions".

Last week, Gazprom and CNPC signed a 30-year contract to the amount of $400 billion on supply of 38 billion cubic meters of gas per year to China; the deliveries shall begin no earlier than in four years time. The Power of Siberia pipeline and gas transportation system in China should be constructed. Gazprom will increase its investment program, the Interfax reported, referred to a source in the company.