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15 Jun, 2017 12:22

Putin: Russian economy has moved to period of growth

Putin: Russian economy has moved to period of growth

The recession in the Russian economy is over and the record-low inflation will fall further to 4 percent this year, President Vladimir Putin said on Thursday during his annual televised news conference.

Answering a question on whether the economic crisis in Russia is over, Putin said that objective data show the country has overcome it.

“We have moved to a period of growth,” Putin said, adding that “we’ve witnessed growth for three consecutive quarters.”

According to the Russian president, industrial production and the volume of non-energy exports is also on the rise.

Putin added that fixed capital investment is currently growing faster than the economy in general.

“The economy grew 0.7 percent in four months [January to April 2017], while investment into fixed capital grew 2.3 percent… it means the basis has been laid for growth in the near future,” said Putin.

He also noted the growth of Russia's foreign exchange reserves. “We started last year with $368 billion and finished it at the level of $378 billion. This year they stand at $405 billion," he said.

Russian Economic Development Minister Maksim Oreshkin said earlier the economy will grow 2 percent this year, with GDP returning to sustainable growth.

In April, the International Monetary Fund (IMF) forecast that Russian economic growth would pick up in 2017-2018 and reach 1.4 percent in each year.