Irek Faizullin took part in a joint stuff meeting of the Ministry of industry and trade and Ministry of economy
Following three years of rapid economic growth, Tatarstan has, despite the high oil prices intact, seen a slowdown. The main causes have been a decreased external demand for locally manufactured goods, determined by negative global economic trends, and unfavourable weather conditions resulting in a partial loss of the harvest and growth in food prices. Tatarstan Economy Minister Midkhat Shagiakhmetov said it at a joint staff meeting held by Tatarstan Economy Ministry and Tatarstan Trade and Industry Ministry earlier in the day.
The meeting is held in Kazan with the participation of President of Tatarstan Rustam Minnikhanov and Prime Minister Ildar Khalikov.
Opening the meeting, Tatarstan President called the 2013’s economic results unsatisfactory. He called on the meeting to look up to China and Kazakhstan, whose economies were as dependent on the foreign markets but who nevertheless displayed a substantially higher growth than did Tatarstan. Tatarstan’s economy needs to grow at a yearly pace of 5-6 percent, Rustam Minnikhanov is convinced. Each manufacturing company in the region generates losses, whilst the salary growth is twice that of the workforce productivity rates. “We have nothing to boast of,” stated President of Tatarstan.
According to M. Shagiakhmetov, the gross regional product growth had in 2013 decreased to 102 percent, still being higher than the national GDP. Tatarstan’s total GRP in 2013 was 1,520 billion roubles.
The trade and processing sectors that developed faster than the other branches had the greatest influence on the region’s general performance. Their contribution to the GRP growth was 0.77 and 0.44 percent respectively.
According to preliminary estimates, the share of small and medium business in the GRP totalled 25 percent. The per capita GRP in 2013 was 397 thousand roubles. As compared with 2012, the figure increased 7 percent. The share of innovative products in the GRP was 16 percent.