Volumes of industrial and agricultural production have been maintained, with 2.4 million square metres of housing built — thanks to governmental support. For the first time in many years, labour productivity exceeded wage growth in 2014, forming a good foundation for 2015.
The Council of Ministers has analysed several scenarios of possible economic development, based on world trends, but are more pessimistic than previously, largely due to average global oil prices: $83 per barrel and 43 Russian Roubles per one US Dollar on average in late 2014 against $60 and 60 Russian Roubles today. Russian officials are using such parameters to develop their own economic plan. Prime Minister Andrei Kobyakov notes that about 106 exporting enterprises have been appointed to work with the banking sector in ‘manual mode’ to maximise export revenue.
By Alexander Benkovsky
