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Western sanctions not fully to blame for pressure on Russia's economy — Medvedev

September 19, 2014, 15:27 UTC+3 SOCHI
Growth forecast for gross domestic product in 2015 had been downgraded from 2% to 1.2% though in 2016 and 2017
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SOCHI, September 19. /ITAR-TASS/. Temptation might put the blame on Western sanctions for current pressure on Russia's economy but honesty had to acknowledge the presence of other factors, Premier Dmitry Medvedev told an international investment forum in the southern resort city of Sochi on Friday.

“A number of internal problems hamper our forward movement,” the prime minister said. “They are firstly infrastructure restrictions and low investment dynamics. There is also a serious need to renovate most Russian institutions.”

Economic growth was slower than had been forecast, Medvedev said. “We counted on a more considerable economic revival in the middle of the year. Unfortunately, the foreign economic situation made us revise the mid-term forecast,” he added.

Growth forecast for gross domestic product in 2015 had been downgraded from 2% to 1.2% though in 2016 and 2017, this indicator was expected to increase by 2.3% and 3% respectively, the premier said.

“We also have to correct our inflationary expectations,” Medvedev added, assessing the current rate at 7.8%

In a wider review, Medvedev said industrial output had grown 1.3% over the first eight months of the year while agriculture had strengthened by nearly 5%

Real incomes had continued to rise, the labour market remained stable and unemployment was steady at about five percent of the economically active population against 5.7% last year, he added. State debt and the budget deficit were stable and healthy gold and currency reserves had been maintained.

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