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V. Putin: Russia's GDP to grow higher than expected this year

The Russian economy will grow more than previously expected in 2014, Russia's President Vladimir Putin stated at a meeting with representatives of the Austrian business community.

"Last year, our gross domestic product edged up by 1.3%, a bit weaker result than in 2012, but still positive. I believe we'll reach a higher GDP growth rate in 2014 than we forecasted early in the year," the Russian president pointed out.

V.Putin also highlighted that almost $80 billion in direct investments had arrived in the Russian economy in 2013, the third best result worldwide for the first time ever in Russia. "We are aware of the capital flight issue as well; to a large extent, the outflow is accounted for by the exchange of rubles for US dollars or Euros," Putin added.

According to the President, Russia has made progress on the way towards lower administrative pressure on the business. In 2013, according to the World bank, Russia was one of the top 3 leaders in the business environment improvement rate moving 19 positions upwards at once. Russia ranked 17th in the property registration level, 10th in the contract performance level.

"As a whole, these are satisfactory results and a satisfactory pace of business environment improvement," Russia's President said summarizing his report.

"AK&M", 25.06.2013 12:19


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