Putin predicts 1.8pc economic growth in Russia

Business | 20 Dec 2018 6:18 pm

President Vladimir Putin hailed another year of Russian economic growth after a previous period of stagnation.

Putin said today at an annual news conference summing up the results of the year that Russia’s gross domestic product is set to grow by 1.8 percent this year, while industrial output has grown faster at 3 percent.

The Russian president noted that hard currency reserves have increased from US$432 billion at the start of the year to US$464 billion now.

The positive statistics follow a difficult period in recent years when Russia’s economy has suffered a combined blow of low oil prices and Western sanctions.

Russia’s economy registered 1.5-percent growth last year following the two-year stagnation.

Putin pledged that the government will create incentives to speed up growth.-AP

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