Putin on Russia’s overperformance

French business community representatives were received by Vladimir Putin in the Kremlin’s St Catherine Hall, presidential web page reports.

“Last year, bilateral trade grew by 11% to reach $17 bln. French investment in the Russian economy exceeds $18 bln. Over 600 French companies or companies with French capital or French participation operate on the Russian market,” he said.

Speaking of the national performance, the President noted, “Last year, Russia’s GDP added 2.3%, somewhat higher than our own plans, our forecasts. Industrial production grew by almost 3%. In 2018, the Russian federal budget had a surplus of 2.6% of GDP. We are constantly looking to remove administrative barriers and optimize tax rates. Thanks to this, Russia this year jumped four spots in the World Bank’s Doing Business ranking to 31st place.”

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