Russian President Vladimir Putin attends his annual news conference in Moscow, Russia, Dec. 23, 2016. (Xinhua/Bai Xueqi)

MOSCOW, Aug. 31 (Xinhua) -- Russia's Economic Development Ministry has raised its forecast for the country's gross domestic product (GDP) growth this year to 2.1 percent from the previous 2 percent, the ministry said Thursday.

Forecasts for Russia's GDP growth in 2018, 2019 and 2020 were also raised to 2.1 percent, 2.2 percent and 2.3 percent respectively, said Russian Economic Development Minister Maxim Oreshkin at a briefing. Previously, the ministry predicted the Russian economy would grow by 1.5 percent annually on average in 2018-2020.

The inflation target this year was also improved to 3.7 percent from the previous 3.8 percent, while those for the next three years remain unchanged at 4 percent, according to the ministry.

In addition, it expects the ruble exchange rate to be 63 rubles per dollar at the end of this year, rising from 68 rubles per dollar previously.

Earlier on Monday, the ministry said that despite a minor slowdown in economic growth in July, an increase in production activity in 2017 was observed in all major industries as a proof of the economy's unchanged positive trend.