PM: Russia’s GDP fall at 2% in Jan–Nov, better than expected

MOSCOW, Dec 28 (PRIME) -- Negative forecasts of many experts and Western analysts regarding the Russian economy have not come true, the gross domestic product (GDP) decline was just over 2% in January–November, Prime Minister Mikhail Mishustin said at a government meeting on Wednesday.

“Summing up the preliminary results of the year in the economy, we can say that the negative forecasts of many experts, Western analysts have not come true. According to the Economic Development Ministry, the decrease in GDP was only about 2% on the year for 11 months, just over 2%,” he said.

Growth is seen in construction, agriculture, production of electrical equipment, vehicles and equipment in the period, while lending to businesses and individuals is recovering, he added.

Russia's unemployment rate in November fell to a new historic low of 3.7%, Mishustin said.

He also said that the strategy for the metallurgical industry development takes into account all changes in the macroeconomy, it is important to strengthen the independence of the industry, and asked the Industry and Trade Ministry to make all decisions for faster implementation of the strategy.

The development strategy for the car industry until 2035 envisages a doubling of car production in the next two or three years, Mishustin said.

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