Putin sees the conditions for improving the situation in the Russian economy in 2016

Putin sees the conditions for improving the situation in the Russian economy in 2016

The budget deficit below expected levels and low debt levels create in Russia the situation of macroeconomic stability, said the Minister of economic development Alexei Ulyukayev.

MOSCOW, 26 Jan. The Russian President Vladimir Putin hopes to rectify the situation in the Russian economy in 2016 to account for the smaller than expected budget deficit, good reserves, low debt.

“The combination of the budget deficit, which was smaller than expected, good reserves, low debt levels — all this creates favorable conditions in order to count on the situation in the current year”, — said the President of the Russian Federation at the meeting with the head of the Ministry of economic development Alexei Ulyukayev.

The Federal budget deficit for 2015 year, according to preliminary estimates of the Ministry of Finance, was 1.95 trillion rubles, or 2.6% of GDP, with a forecast of 3% GDP.

The speaker in turn noted that the reserves of the Bank of Russia remained at a high level. “All this has created a situation of macroeconomic stability, which properly assess all market participants”, — said Ulyukayev.

According to him, the deepest part of the crisis was completed by the end of the second quarter of last year, after which there has been movement in a positive direction.

“Indeed, a good Foundation, now they need to cleverly dispose of. And I think we will be able to moderate, cautious optimism to enter the year,” Ulyukayev said.

The Minister noted that by the end of 2015, the surplus of trade balance amounted to about us $ 145 billion, slightly less than in previous years due to exchange rate changes. “Physical volumes are not decreased”, — said Ulyukayev.

“The balance of the current account of the balance of payments even increased slightly and was even better than in our forecasts. This is due to the fact that seriously decreased the expense on services. Roughly speaking, our citizens are stopped to leave their money in Turkey, Egypt and some other countries, but leave them in Sochi, in the Crimea, other Russian regions,” the Minister said.