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Putin discusses Russia’s economy growth with ministers

September 24, 2:38 UTC+3

Russia’s economy has reached a trajectory "of a rather sustainable growth," President said

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© Mikhail Klimentyev/TASS

NOVO-OGAREVO, September 23. /TASS/. Russian President Vladimir Putin has met with Economic Development Minister Maksim Oreshkin, and Industry and Trade Minister Denis Manturov to discuss economy-related issues.

"Intensive work on the budget is underway. We have resumed discussions on the issue lots of times, but today your opponents are absent," Putin said. "We discuss it separately with the Finance Ministry. Later on, we will gather again to talk."

Russia’s economy has reached a trajectory "of a rather sustainable growth," Putin said, asking the minister about the stability of positive indicators, about forecasts for the future and about "domestic and external risks."

"The top priority is what additional steps should be taken to maintain the tendency, but to ensure that Russia’s economy can reach a higher pace than the world’s average one at the turn of 2020," Putin said.

High harvest outlook figures, low inflation and declining mortgage rates are among Russian economy’s growth indicators, Minister of Economic Development Maxim Oreshkin said at the meeting. The detailed roadmap of the Infrastructural Mortgage program was sent to the government, the minister said. The program is expected to be ready by the end of the first quarter of 2018 and can be rolled out since mid-2018, he added.

Positive non-resource export dynamics is noted, Oreshkin said. "Dynamics is generally positive here, about 7.5% against the last-year level," he said. Efficiency growth and development of competitive products are important to continue moving forward, the minister added.

The situation is improving in terms of population incomes, particularly "in respect of salary," Oreshkin noted. "Statistics says actual earnings rose 3.4%," the minister said. "Nominal salaries are growing by 6-7% year-on-year, he said. Growth of salaries "is healthier because it is based on labor productivity increase, rather than on oil prices," he added.

"We expect growth of actual earnings will accelerate to 4% in 2018 and higher salaries in the budget sector will certainly contribute to that," Oreshkin said.

Certain positive indicators are noted, particularly in the automobile sector, Minister of Industry and Trade Denis Manturov said in his turn. Manufacturers of railcars and agricultural machinery and pharmaceuticals producers are among growth leaders, he said.

"All sectors experience growth in general terms. The only point is that the metals industry has not yet recovered after the crisis," Manturov said. Nevertheless, recovery in the construction segment will hopefully prompt development in the metals industry, he added.

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