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Russia's macroeconomics has proven resistance to external shocks — PM Medvedev

According to Medvedev, in 2018, for the first time in seven years, the federal budget was executed with a substantial surplus of 2.6% of GDP

Russian Prime Minister Dmitry Medvedev Alexander Astafyev/Russian Government Press Office/TASS

Russian Prime Minister Dmitry Medvedev

© Alexander Astafyev/Russian Government Press Office/TASS

MOSCOW, March 26. /TASS/. The mechanism ensuring the stability of the macroeconomic situation in Russia has proven its resistance to external shocks, Prime Minister Dmitry Medvedev said on Tuesday.

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"The mechanism of macroeconomic stability we created has proved its resistance to any external shocks," he noted at a meeting of the board of the Finance Ministry of Russia.

According to him, in 2018, for the first time in seven years, the federal budget was executed with a substantial surplus of 2.6% of gross domestic product. Also the situation with the budgets of the regions has improved significantly - the surplus amounted to 500 bln rubles ($7.7 bln).

The national debt was reduced by almost 5%.

Medvedev noted that by the end of 2018 the Russian economy showed positive trends. In particular, GDP started to grow at a higher rate, while inflation was kept at a level that allows the authorities to maintain macroeconomic stability and to develop the national economy, despite external pressure, "not always fair competition and various political attacks," the prime minister said.

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