Vladimir Putin: “Inflation in Russia at historic low with less dependence on energy”

Russian President Vladimir Putin says the country’s economy has overcome stagnation.

(RT) – The Russian economy has overcome stagnation, and its revival is sustainable, said President Vladimir Putin on Tuesday at the Russia Calling investment forum.

According to Putin, annual inflation has slowed to 2.7 percent which is “a record low in Russia’s entire history.” The inflation rate will be lower than the targeted four percent.

Gross domestic product has been growing four quarters in a row, according to the Russian president, exceeding two percent in the second quarter of this year.

Putin praised the Central Bank of Russia’s balanced policy, saying it ensured economic stability, as well as of public finances and the banking sector.

Conservative budgetary and monetary policy is the basis for positive and long-term development, the president said.

He added that dependence of the federal budget on the oil market is decreasing and over the next three years Russia’s oil and gas revenues will make up only a third of the budget income.

In 2014, oil and gas revenues accounted for more than half of the budget revenues at 51.3 percent, while this year they were around 39 percent.

“We plan that the non-oil-gas-deficit will drop from the recent 8.5 percent to 5.9 percent of GDP. The total deficit in the federal budget would be less than one percent,”

said Putin.

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