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May 2018
Maxim Oreshkin: Russia’s economy is now growing

Opening a meeting with representatives of the French business association MEDEF, Russia’s Minister of Economic Development, Maxim Oreshkin, described the period of stable growth now being experienced in Russia’s economy. The Minister referred to the seasonally adjusted GDP figures published in January which showed growth through to December.

“Our economy has adapted to the new reality. Figures at the start of the year show economic growth and we are expecting the results for the year to reveal an increase of approximately 2%” said Oreshkin.

He noted that crucially, and in contrast to last year when growth was specifically in the manufacturing and agricultural sectors, “this year we are moving into a period of more widespread growth – with an increase in consumer demand.”

According to the minister, January’s GDP figures were an improvement on December.

“The positive trend is continuing overall, with clear growth to December observed in January,” he said.

There has been a 14.1% increase in the volume of trade between Russia and France in comparison with 2015, with it reaching USD 13.3 billion. French investment in Russia overall has increased. In the first six months of 2016, French investment increased by 30% from USD 10 billion to USD 12.9 billion. New investment has also increased. In the first three quarters of 2016, USD 1.6 billion was invested in Russia from France, whereas for the same period in 2015 the figure was USD 1.2 billion. Investment had increased by a third. “I am convinced that economic relations between France and Russia offer many opportunities for growth,” added Oreshkin, inviting French business representatives to join the forthcoming St. Petersburg International Economic Forum to be held on June 1–3, 2017. The invitation to SPIEF 2017 was also extended to the French Minister of Finance, Michel Sapin.

Source: http://economy.gov.ru (Russian)