Manturov: the industry recovered from the crisis

22 / 01 / 2018

Minister of Industry and Trade of the Russian Federation Denis Manturov told the incumbent Russian President Vladimir Putin about the state of the economy in 2017.

The head of the Ministry of Industry and Trade noted the growth of machine building and chemical industry.

According to D. Manturov, the highest rates in the past year reached the automotive industry, transport engineering (locomotives, cars) and agricultural machinery.

“I would like to report on the results of work in the manufacturing sectors of industry. In general, this industry is recovering after the crisis of 2014 – 2015, and over the past year, processing can get us plus 1 percent. Practically all directions, all sectors are in the positive zone, except for metallurgy “, – reported Denis Manturov.

The minister noted that the growth of the timber industry, timber processing, light industries, chemical complex and the aircraft industry amounted to 4-8%. An important role in increasing production was played by the Industrial Development Fund.

“In total, 268 projects have been supported since your decision to create the fund. The total amount, the volume of investments amounted to 250 billion rubles, of which 66 billion is for concessional loans from the Industrial Development Fund, “Manturov said.

In addition, as the minister noted, in 2017 internal trade was restored. The indicator of product sales in the market grew by 1% after a 10% drop in 2015 and 4.6% in 2016. Non-primary exports for the first time in 10 years increased by 10%. Another driver of the industry, according to Denis Manturov, is import substitution.

“We have already launched production and supply, including export, of competitive products for 350 projects, and within two years we will complete 780 projects that were included in the import substitution plan,” the head of the Ministry of Industry and Trade added.

Let us note that the minister’s words are confirmed by Rosstat data for January-November 2017. For 11 months of last year, industrial production grew by 1.2% compared to the same indicator in 2016. At the same time, in November 2017, the industry “sank” by 3.6%. The output of paint and varnish materials increased by 9.6% compared to January-November 2016.