Prime Minister Explains Consequences of Russia's Economy Growth

Dmitry Medvedev said that a number of positive trends are emerging as Russia's economy is growing.

MOSCOW (Sputnik) — Russian Prime Minister Dmitry Medvedev said that as Russia's economy is growing, a number of positive trends are emerging, which will be reflected in the federal budget.

"A number of positive trends have emerged in the economy at the moment — our economy is growing, which will be reflected in the federal, regional and municipal budget plans," the prime minister said on Sunday.

Medvedev noted that the government had been currently working on finalizing budget plans for 2018 fiscal year.

"At the moment we have entered an active phase of preparing state budget, federal budget. This is related directly to all budget plans of Russia's federal budget," he said.

On Wednesday, the Research and Forecasting Department of the Central Bank of Russia has improved the forecast for GDP growth in 2017 to 2 percent from 1.5-1.6 percent.

The Russian economy suffered a setback in 2014, as the ruble lost about half of its value against the US dollar amid low global oil prices and Western economic sanctions imposed against Russia over the situation in eastern Ukraine.