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Russian Economic Development Ministry notes positive dynamics in industrial production

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MOSCOW, July 07. /ITAR-TASS/. Russian Ministry of Economic Development has recorded positive dynamics in the two key economic indicators — industrial production and balance of trade.

At the meeting with Russian President Vladimir Putin on Monday, Economic Development Minister Alexei Ulyukaev said industrial production increased 1.8% over the first six months of 2014, noting even better performance in the quarters (1.1 and 2.5% in the first and second quarters respectively). Export oriented sectors such as metals, fertilizers, chemicals and petrochemical products fared better than before.

This, the minister said, resulted from tariff regulation aimed at cost reduction. Ulyukaev did not rule out upward revision of some indicators such as oil prices and ruble exchange rate, and even more importantly - industrial production and gross domestic product. The minister predicted 2014 balance of trade at considerably more than $170 billion.

Ukyukaev also noted the slightly improved situation in the stock market since the second half of April.

When asked about foreign investments, he said that Russia attracted the third largest amount last year after the US and China ($80 billion) and predicted dozens of billions of dollars would flow to Russia this year.

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Alexey Ulyukayev Economic Development Ministry

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