Midkhat Shagiakhmetov: the expected GRP volume in Tatarstan to make 1,520 trillion rubles, and the growth rate - 2.3 per cent

On September 9 at a session of Tatarstan Cabinet of Ministers on main parameters of the forecast of Tatarstan social and economic development in 2014 and planned period of 2015-2016 the Minister of Economy Midkhat Shagiakhmetov informed that the expected volume of GRP in Tatarstan will make 1,520 trillion rubles, and the growth rate - 2.3 per cent.

The session was held by Prime Minister Ildar Khalikov with participation of Tatarstan President Rustam Minnikhanov.

The industrial production index is expected to make 101.5 per cent.

Within the last few years the forecast is made under conditions of weakening of demand and slowdown in economic growth of leading countries.

The forecasts of the International Currency Fund say that the growth rates will stay low and wil make about 3 per cent in 2013. The Republic of Tatarstan could face the risk of decrease in export of certain products.

Among internal factors Midkhat Shagiakhmetov pointed out increase in production costs caused by growth in prices for raw and energy materials.
In general, the decrease in external and domestic demand has a negative impact on current economic situation.

According to the Minister of Economy, the GRP growth decreased two times. Industry, trade, and agriculture are facing the lowest growth rates.
Measures on providing conditions for additional economic growth are required today. Some have already been prepared and included in the programme of social and economic development.

Midkhat Shagiakhmetov focused on development of certain economic sectors, among which industry has 44 per cent of GRP. As for agricultural sector, there will be a decrease in production volumes by 3 per cent. The volume of capital investments exceeded 175 bln rubles in 2013.