Moscow, Aug 26 (IANS): Russia's Ministry of Economic Development on Tuesday downgraded its forecast for the country's gross domestic product (GDP) this year to a 3.3 percent decrease, down from a previous estimated decline of 2.8 percent.

The economic performance of 2015 might be worse than expected, given that Western sanctions against Moscow would remain in place until 2018, Xinhua quoted the ministry as saying.

It also downgraded the GDP forecast for 2016 from the earlier 2.3-percent growth to a growth of 1.0 to 2.0 percent.

Meanwhile, Russian national currency, ruble, bounced early on Tuesday after hitting the year's low against the US dollar on Monday when it dived to over 70 rubles for one dollar.

The Russian Minister of Economic Development Alexei Ulyukayev, who is in the Malaysian capital city of Kuala Lumpur for the meeting of economy ministers of the Association of Southeast Asian Nations, said the average exchange rate of the ruble this year could stand at 61 rubles for one dollar if global oil price would hover over 52 dollars per barrel.

He said the current fluctuation of the ruble would cease as soon as the new balance of global oil prices is found, but "no one knows when it will happen", he added.