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Russian economy overcomes stagnation — Putin

October 24, 14:28 UTC+3

The Russian president backs the Central Bank policy

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© Mikhail Metzel/TASS

MOSCOW, October 24. /TASS/. The Russian economy has overcome stagnation and its recovery is sustainable, President Vladimir Putin said on Tuesday at the investment forum.

"Such a representation level [of foreign investors at the forum] once again underlines high interest in modern Russia and its potential and shows mutual aspiration for dialog and cooperation, which is a key condition for establishment and development of business ties and search for promising areas for capital investments. Russia particularly unveils such opportunities for cooperation now, when our economy has overcome stagnation and its recovery is sustainable. 

More than two thousand guests from over 60 countries attend the forum, the Russian president said. Among them are prominent investors, chief executives of Russian and foreign majors and experts in finance and investments.

Central Bank policy

Cautious activities of the Bank of Russia are understood and supported, Putin said.

"Almost all central banks, all regulators in all countries of the globe, which are targeting inflation, exercise such caution that appears excessive at first sight. I believe it is justified to a considerable extent because there is still a lot of risks and too many threats for the economy with such structure as the national economy has. Therefore, I understand pretty well and generally approve operations of the Bank of Russia, which is acting so cautiously," Putin said. Stability of prices is playing an important role "from the standpoint of interest rates in general for the macroeconomic stability," the Russian leader added.

Non-oil-and-gas deficit

Russian authorities plan to reduce non-oil-and-gas deficit to 5.9% of GDP in 2019 from current 8.5%, President Vladimir Putin said on Tuesday at the investment forum.

"We plan that non-oil-gas-deficit will drop from recent 8.5% to 5.9% of GDP. Total deficit of the federal budget would be less than 1%," Putin said. All that should contribute and is already contributing to stabilization of macroeconomic conditions, the president said. Dependence of the federal budget on the oil market situation declines, Putin said. "While oil and gas revenues constituted more than a half of the budget in 2014, 51.3% to be more specific, they are about 39% this year. Only a third of federal budget revenues will be generated on account of oil and gas receipts during three coming years. Total revenues of the federal budget will definitely grow at the same time," the Russian leader noted.

Industrial production growth

Growth of industrial production in Russia for three quarters of 2017 reached 1.8%, the president said.

"Since the Q2 of the year, the rate of GDP growth has exceeded 2%, industrial production growth for the first three quarters was 1.8%," Putin said.

Foreign direct investments

Inflow of foreign direct investments to Russia rose more than 2.5 times to $23 bln in three quarters of 2017, he said.

"We see that the business community treats our actions positively. Confidence and desire to invest into the Russian economy are growing, particularly from the foreign business side," Putin said. "Inflow of foreign direct investments into the non-finance sector amounted to $23 bln in three quarters [of 2017 - TASS]. This is 2.5 times higher than in the like period of the last year and the all-time high figure in the last four months," the Russian president said.

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