OREANDA-NEWS. The Russian authorities managed to keep the country's economy from sliding into a recession, but the current GDP growth rate is insufficient, said Russian President Vladimir Putin. “In Russia, we have been pursuing a balanced macroeconomic policy for many years, taking a responsible approach to public finances, maintaining the stability of the banking and credit markets, and striving to help strengthen key sectors of the economy. Thanks to this, we managed to keep the country's economy from sliding into a recession”, Putin said at the meeting. closing ceremony of the BRICS business forum.

"Of course, we do not believe that the current GDP growth rate is sufficient, therefore, we are trying to create the most comfortable conditions for new investments", the president added.

The Russian economy in the III quarter of 2019, according to preliminary estimates by the Federal State Statistics Service, grew by 1.7% in annual terms, and over nine months the growth was 1.1%. This is lower than the estimate of the Ministry of Economic Development, which announced the acceleration of Russia's GDP growth in the III quarter to 1.9% in annual terms after 0.5% and 0.9% in I and II quarters, respectively. At the same time, the ministry estimated growth for nine months at 1.2%.