On February 18, Tatarstan President Rustam Minnikhanov, who took part in a joint session of Ministry of Industry and Trade and Ministry of Economy of the republic, said that in 2014 the gross regional product of the republic amounted to 1.631 trillion roubles, while the amount of investment in fixed assets made 542 billion roubles.

The meeting took place at the Kazan Motor Assembling Manufacturing Association (KMPO) and was dedicated to results of social and economic development of the republic in 2014 and tasks for 2015.

Minnikhanov noted that under current economic conditions foreign trade turnover decreased at the end of 2014.

As for the gross agricultural production, in 2014 the figure was 189 billion roubles with an increase of 2.3 per cent, the volume of construction work made 266 billion roubles at the end of last year.

In January 2015 the index of industrial production (IIP) amounted to 99 per cent in the republic and this raises concern, Rustam Minnikhanov said.

According to Tatarstan President, economic sanctions, currency fluctuations and decline in world oil prices - all these in general have their impact on the federal budget, and the regions will also feel the effects, but despite all the difficulties, it is necessary to work to look for ways of developing the economy.

As part of anti-recession programmes we need to save markets and jobs, Rustam Minnikhanov said.