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Investments in Crimean economy to grow annually by 10%

November 27, 2017, 17:42 UTC+3 SIMFEROPOL

The GRP is also expected to grow from $6.02 bln to $8.59 bln per year, the region's minister of economic development said

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SIMFEROPOL, November 27. /TASS/. Investments in the economy of Crimea from 2018 will grow by 10% annually, Minister of Economic Development of the region Andrey Melnikov said on Monday at public hearings of the republic’s draft budget of the republic for 2018-2020.

"According to our forecasts, there are tendencies to increase investment in the Crimean economy from the current 80 bln rubles ($1.37 bln) to 100 bln rubles ($1.72 bln) per year. The economy will grow by 10% or more annually, which is very high figure for economic development," he said.

Melnikov added that the gross regional product (GRP) is also expected to grow from 350 bln rubles ($6.02 bln) to 500 bln rubles ($8.59 bln) per year. "We are forecasting growth in GRP and overcoming the level of 500 bln rubles ($8.59 bln)," he said.

Earlier, the minister said that Crimea’s economic growth since the beginning of 2017 was 10%, and the GRP was approaching 350 bln rubles ($6.02 bln). The volume of investments for the 9 months of 2017 increased to 122 bln rubles ($2.09 bln) with a forecast of 80 bln rubles ($1.37 bln).

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