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PM: Russian economy is gradually adjusting to new external economic conditions

February 18, 2016, 14:20 UTC+3 MOSCOW

According to Dmitry Medvedev, the situation with oil prices stimulates structural changes in the economy

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Russia’s Prime Minister Dmitry Medvedev

Russia’s Prime Minister Dmitry Medvedev

© Yekaterina Shtukina/Russian Government Press Office/TASS

MOSCOW, February 18. /TASS/. The Russian economy is gradually adjusting, the new external economic conditions, Prime Minister Dmitry Medvedev told a cabinet meeting.

The situation with oil prices stimulates structural changes in the economy, he added.

"The economy is gradually, although it is incurring certain expenses, adjusting to the new external economic conditions. Now we should provide support to certain industries and sectors with high growth potential — car industry, light industry, transport machine building, agricultural machine building, housing and agriculture," Medvedev said.

According to the Prime Minister, these industries faster than others adjusted to the changing situation. The support measures that were approved last year showed good results in these sectors, he said.

He noted that a number of decisions to support those sectors had been made. In particular, the 2016 program envisages about 140 billion rubles ($1.8 bln) to support the automotive industry and 10.5 billion rubles ($139 mln) to support agricultural machine building.

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