Rustam Minnikhanov takes part in meeting of the regional Cabinet of Ministers on the forecast of socio-economic development of Tatarstan for 2018-2020

On September 7, at the Government House of the republic, Tatarstan President Rustam Minnikhanov took part in a meeting of the regional Cabinet of Ministers on the forecast of social and economic development of the republic for 2018 and the planned period of 2019 and 2020 held by Tatarstan Prime Minister Alexey Pesoshin.

Opening the meeting, Pesoshin noted that the forecast indicators have been formed based on the basic scenario of the development of the Russian economy and forecast data of the relevant ministries and municipalities.

"According to analysts, Russia has adapted to the new economic conditions and now is changing its trend from stabilization towards growth. It is necessary to continue work to stimulate economic growth, strengthen competitiveness, create a modern infrastructure, which will improve the well-being of the population," he said.

Pesoshin reminded that according to the Strategy-2030 the main strategic goal of the regional development is to form a global competitive stable growth pole. This requires a balanced and effective development of all sectors of the economy and social sphere of the republic, he said.

Making a report at the meeting, Minister of Economy of the republic Artem Zdunov said that scenario conditions in the forecast envisage an average annual cost of Urals oil at 40.8-42.4 US dollars per barrel (in 2018-2020). The dollar exchange rate will grow from 69.8 roubles in 2018 to 72.7 roubles in 2020. According to the forecast of 2021, the parameters will maintain at the previous year level.

The Minister continued that according to estimates the gross regional product will be 2,072.2 billion roubles, with a dynamics of 102.8 per cent in 2017. In 2018-2021, the economic growth is forecast to be in the range of 103-103.8 per cent.

The index of industrial production is expected to reach 102.4 per cent in 2017. The volume of shipped products will make about 2147.9 billion roubles. In 2018, the industrial production index is projected at 105.7 per cent, in 2019 – 103.2 per cent, in 2020 – 102.9 per cent and in 2021 – 102.4 per cent.

As for agriculture, production volumes are expected to increase up to 260 billion roubles or by 5.1 per cent in comparable prices as compared to the last year's level. Annual growth rates of agricultural products are forecast to be 101.9 per cent in 2018-2021.

"The construction complex of the republic is expected to maintain the volume of contract work at comparable prices during the forecast period. It is planned to put into operation about 2 million 400 thousand square meters of housing every year,” Zdunov said.

The consumer market of the republic is showing a recovery in consumer activity this year. By the end of the year, retail trade turnover will grow by 101.5 per cent. Positive dynamics of population consumption will continue in the forecast period, with the growth rate of retail trade turnover making 101-102.2 per cent.

The volume of profit of enterprises is expected at the level of 381.3 billion roubles in 2018.

Zdunov continued to report that the volume of investment in fixed assets is one of the main indicators of socio-economic development. For example, following this year's results the amount of investments is estimated at 677.2 billion roubles or 100.1 per cent in comparable prices as compared with a year earlier. In the medium term, investment growth rates are projected at the level of 100.9-102.6 per cent.

Unemployment remains relatively low with 12,900 people having been registered as unemployed in the republic at the end of July. According to the forecast, the unemployed will not exceed 1 per cent in the total number of economically active population.

The growth rate of the wage fund is forecast to be in the range of 104.2-104.9 per cent.

Speaking at the meeting Minnikhanov urged heads of municipalities to observe budgetary discipline without any unreasonable charges.

"We will look into all your proposals you will make in preparing the budget closely and will try to systematically finance them within the framework of our state programmes. We have more than 30 programmes, which largely solve all the tasks set,” Tatarstan President said.