On September 12, speaking at a session of Tatarstan Cabinet of Ministers “On forecast of the social and economic development of the Republic of Tatarstan for 2015 and planned period of 2016 and 2017 and consolidated budget statement of the Republic of Tatarstan for 2015 and planned period of 2016 and 2017”, Tatarstan President Rustam Minnikhanov said that the current rates of growth of the Tatarstan economy are not satisfactory and regional authorities should make every effort to improve the economic situation.

Making a report on the current situation and forecast of social and economic development of Tatarstan for 2015-2017, Minister of Economy of the republic Midkhat Shagiakhmetov noted the continued economic slowdown in the country and complicated geopolitical situation. Russia's GDP may grow 0.5 per cent this year, he said.

The gross regional product grew 1.2 per cent in Tatarstan in January-July 2014. A slowdown is observed in construction, agricultural and manufacturing industries.

According to Midkhat Shagiakhmetov, by results of the year the gross regional product is expected to reach 1.63 trillion roubles, showing a growth rate not exceeding 1.3 per cent. In 2015, it is projected to grow by 2 per cent and total 1.75 trillion roubles.

In 2014, the index of industrial production made 100.8 per cent and totaled 1.78 trillion roubles. According to the forecast, in 2015 the output growth will increase by 2.1 per cent and is expected to come from oil refining, petrochemical and automotive industries. In 2016-2017, new advanced oil refining facilities will be launched.

The output volume in the regional agricultural sector is expected to amount to 164.5 billion roubles in 2014 and the forecast for 2015 is 172 billion roubles.

Midkhat Shagiakhmetov noted the profit growth at Tatarstan enterprises, which is primarily due to depreciation of the rouble and, as a result, the growth of export earnings. In 2014, the total profit is expected to make 262 billion roubles. At the same time, a quarter of companies are unprofitable, the Minister said.

The amount of investment in fixed assets exceeded 186 billion roubles in the first half of 2014. By results of the year, this amount will reach 530 billion roubles, showing a growth of 0.7 per cent. In 2015, 580 billion roubles of investment in fixed assets are projected in Tatarstan.

Shagiakhmetov continued that to attract more investments, the investment climate should be improved. Tatarstan is among five leading regions in terms of investment attractiveness. However, small and medium businesses still face plenty of administrative burdens and numerous inspections.

Rustam Minnikhanov expressed his dissatisfaction with the current rates of economic growth in the republic. According to him, the regional leadership should not put up with the current economic situation.

Tatarstan President has given an errand to the Ministry of Economy and branch ministries of the republic to monitor the situation closely and develop measures to improve it.

Chairman of Tatarstan State Council Farid Mukhametshin, Tatarstan Prime Minister Ildar Khalikov, heads of ministries, departments and municipalities of the republic took part in the meeting.