The Ministry of Economics pointed to the continuation of the trend towards the restoration of investment activity

The data for the first quarter show that the trend towards recovery of investment activity in Russia continues, Minister of Economic Development Maxim Reshetnikov said at a meeting of the Council under the presidential envoy in the Urals Federal District.

“Investment activity is recovering in Russia. And last year it was in positive value – plus 4.7%, and in the first quarter we see that the trend continues, – leads his words TASS.

Enterprises, the minister added, are completing the period of redesign, recontracting, returning to active construction within the framework of the initiated investment projects.

In mid-June, Russian President Vladimir Putin, speaking at SPIEF, declaredthat Russia needs to achieve a five-fold increase in investment inflows by 2030. “Already this year, the volume of such investments should amount to at least 2 trillion rubles,” he said.

In addition, the head of state called for determining a list of priority industrial products in which investments are planned, as well as providing subsidies from the federal budget to credit organizations and specialized companies to compensate for lost income on loans issued for the implementation of such projects.

Earlier, the Ministry of Economics estimated the growth of Russian GDP in May at 5.4% against the backdrop of last year’s low base effect. Seasonally adjusted, Russia’s GDP rose 1.4% in May after rising 0.1% in April. A month earlier, GDP grew by 3.4% (the ministry adjusted the estimate from 3.3%), in March, February and January it decreased by 0.7%, 2.6% and 2.7% respectively. According to the Ministry of Economy, in January-May, the growth was 0.6%. In the first quarter, the economy contracted by 1.8% compared to the same period last year.