VEB: the volume of cheese production in Russia will grow by 3.1% in 2015 in connection with the substitution

MOSCOW, November 3. Production volume of cheese in Russia in 2015 will increase by 3.1%, vegetable oil – by 3.5% in connection with the substitution. This is stated in the forecast of economic development of Russia in 2015-2018 Vnesheconombank (VEB).

While the pace of growth of the production volumes of cheese and vegetable oil will continue to increase in subsequent years, the document says. So, projected growth in the volume of cheese production by 5.4% in 2016, and in 2017 and 2018 – by 5.6% year-on-year. The forecast on the growth of vegetable oil production for 2016 is 8.6%, for 2017 – 9% and in 2018 – by 9.1% year-on-year.

In addition, according to the VEB, this year the volume of sugar production will increase by 4.3% compared with the result of the previous year. He is not one of substitution, and with the increasing consumption of sugar by the population as a result of having to do homework because of declining revenues, says the forecast. In the next three years, the production of sugar will decrease with the gradual reduction in excess demand for this product. Thus, EBV expects a reduction in sugar production in 2016 by 0.3%, in 2017 – by 0.6% and in 2018 – by 0.7% year-on-year.