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Economic recession in Russia may reach 5% in 2015 — deputy PM

November 11, 2015, 15:12 UTC+3 MOSCOW
The decline of Russia’s car industry should not exceed 30% in the end of 2015, says Deputy Prime Minister Arkady Dvorkovich
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© Yuri Smityuk/TASS

MOSCOW, November 11. /TASS/. Economic recession in Russia may virtually reach 5% in 2015, Deputy Prime Minister Arkady Dvorkovich said on Wednesday.

"We’re facing a 5% decline of GDP this year," he said.

According to the official forecast prepared by the Economic Development Ministry, GDP in Russia will decline by 3.9% this year.

Deputy PM also said imports have fallen by around 30% this year. "This means that the share of local production has risen," Dvorkovich said, adding though that the investment cycle of import substitution projects is rather long. "The projects, which are being founded today, will only have effects in a while, in a short while, but still it’s not [going to be - TASS] in 2015," he said.

Decline in Russia’s car industry should not exceed 30% in 2015 

According to the official the decline of Russia’s car industry should not exceed 30% in the end of 2015.

"There were forecasts that the decline would be 50%, but the use of anti-crisis measures which was mentioned by Igor Shuvalov [first Deputy PM - TASS] made it possible to avoid such a decline.

According to our estimates it should not exceed 30%," Dvorkovich said speaking in the State Duma, lower house of parliament.

Dvorkovich said that Russian automakers have the biggest advantage thanks to the application of anti-crisis measures.

"Comprehensive support to the city of Togliatti, Avtovaz [carmaker - TASS] made it possible to stabilize the situation in the region in general. Nevertheless, this issue remains in focus of our attention, and the measures relating to the labor market, creation of industries to substitute imports, as well as promoting a new line cars - all this is are among our priorities", he said.

Loans issued by Industry Development Fund may grow in 2016

Dvorkovich noted that the amounts of loans to be issued by the Industry Development Fund (IDF) may grow next year.

"We will increase amounts of loans [extended by IDF - TASS] next year for implementation of new projects if resources are available," the deputy prime minister said.

The Industry Development Fund offers preferential conditions for project financing in industry sphere for the purpose of developing competitive new production facilities. The amount of the fund for 2015 is about 20 bln rubles ($310 mln). .

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