Putin: the situation in the Russian economy could begin this year

MOSCOW, January 26. In Russia there are conditions for this year has begun to remedy the situation in the economy, said President Vladimir Putin at a meeting with the head of the Ministry of economic development Alexei Ulyukayev.

“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 Putin.

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As stated by the Minister of economic development, 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.

“Really 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 approximately $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,” he said.

The speaker also said that Russian companies following the results of last year showed a profit increase of 48%.

“Very good financial results of Russian companies. Last year the profits of Russian companies increased by 48% in the half. It is more than 8 trillion rubles of additional funds that can be invested, which could serve as the basis for the development”, – said Ulyukayev.

In particular, he said, good results have shown manufacturing, which increased profit by 2.9 times. “Chemistry champion, 15-time profit growth,” he said.