According to Economic Development Minister, the Ministry’s own labor productivity stands to increase by 10%.

The Ministry of Economic Development expects labor productivity in Russia in 2017 to grow by 1.5 to two percent. At the same time, labor productivity among the Ministry’s employees is set to increase some 10 percent, said the Minister of Economic Development Maxim Oreshkin at the XVII Congress of the United Russia party on December 22, 2017.

“Well, within the ministry, labor productivity grows at a more rapid pace than in most other sectors, especially if one looks at how we reduced redundant functions and excess staff. Here we have growth of about 10 percent. Speaking of economics, here we are also a return to a positive trend. In 2017 we expect productivity growth in the range of 1.5 percent to two percent,” he said.

Oreshkin said that the Russian government is now implementing a productivity priority project. Each year the project will incorporate 10 new regions of the Russian Federation, he said.

In addition, Oreshkin said that Russia experienced strong investment growth in 2017 and that for the first nine months investment grew by more than four percent, which was higher than GDP growth estimated at 1.6 percent. “The most important point is the growth in investments because investments are the driving force. They create the foundation, which allows us then to pay wages to people in the future,” the official stressed.

Talking about the positive trends in the Russian economy, Oreshkin pointed out the historically low mortgage rates, which fell to below 10 percent in October.