Russian Economy General News: #9

Development Institute: VEB will bring 1% of Russian GDP

Financial organization will deal with the examination of state projects

The contribution to the country's GDP from projects that are financed with the participation of the state corporation VEB.RF should potentially be up to 1% annually. This was stated by Prime Minister Dmitry Medvedev at a meeting of the supervisory board of a financial organization. By 2024, VEB in total will receive in the form of subsidies for the repayment of foreign debt about 600 billion rubles. The annex to the draft federal budget for 2019 and for the planned period of 2020 and 2021 takes into account that the amount of support for VEB from the budget to repay foreign debt for 2019 is planned at 100 billion rubles, for 2020 - 50 billion rubles, for 2021 year - also 50 billion rubles.


VEB.RF will receive additional funds to reimburse part of the costs of servicing foreign loans. To increase the efficiency of the state development institute, it is necessary to strengthen its financial model. This is a long-term settlement of foreign debt. The approach of recapitalization of VEB.RF for 300 billion rubles through the new mechanism of the so-called approved capital has already been worked out. This is part of the share capital that can be provided when the need arises for investment resources.

- As a New Year's gift, I signed a decree that defines the formed and approved capital of a state corporation. This is a new mechanism for capitalization of development institutions, - said Dmitry Medvedev.

Earlier, the Ministry of Finance prepared amendments to the Federal Law “On the Bank of Development” and the Budget Code. Bills secured a new function of VEB. Its essence is in the coordination and organization of activities of all development institutions on the issues of ensuring the long-term socio-economic development of Russia. The state corporation will act as curator of state development institutions and ensure their informational interaction with the authorities.

- The task of VEB in this sense, of course, is not just to distribute money, but to reduce risks. And when considering projects, they will be evaluated not only by a state corporation, but also by banks. And the contribution to the gross domestic product of projects that are financed with the participation of VEB should potentially be up to 1% annually , the chairman of the government noted. - Examination of projects conducted by VEB should reach a new level. This approach, I hope, will allow a state corporation to more actively influence the growth of the real sector of the economy.


During the meeting, the Supervisory Board also discussed the implementation of investment projects with the participation of the state corporation, in particular, the financing of oil tankers of the new generation of Aframax size. In September, Rosneft, SSK Zvezda, Arctic Leasing LLC (part of VEB-Leasing group) and SKF Eco LLC (part of Sovcomflot group) concluded a number of contracts for the construction of two new generation oil tankers using LNG as fuel, with their subsequent long-term chartering. Thus, Russia will be able to compete with leading shipbuilding countries, to take a leading role in the formation of promising international transport corridors.

- Last week I held a meeting on Sabetta - on the development of energy projects, projects in the field of liquefied natural gas and, of course, the development of regions. It was about whether there is enough capacity for the transportation of raw materials, the volume of which increases with the implementation of investment projects, - said Dmitry Medvedev. - It is important for us to synchronize the actions of all the participants, including the builders of the icebreaking and tanker fleets. So that later it didn’t happen that the raw materials are there, and there are no tankers for transportation (or we frantically run around the market and try to look for something abroad). You need to build ships today.

VEB plans to provide funds for the construction of a new generation of shuttle tanker with the best ice and maneuverability characteristics. The planned volume of participation of the corporation will be 18.5 billion rubles.

https://iz.ru/826415/pavel-panov/institut-razvitiia-veb-prineset-1-rossiiskogo-vvp

Hole wrote:The bubbles in the west are about to pop. That´s why even the Fed is raising rates so they can lower them after the crash.

Im not that happy abut that since Im living in same ecosystem. But objectively well it bubble bursts with or without me as I am irrelevant in such processes.

[quote="Austin"]Very good interview with JEff Gundlach ...............Must watch ]/quote]

thanks Austin, Im not an economic expert but what I see in case of Russia GDP growth is not their fetish, Al least yet. Social stability is. And it looks it is going to be for a long time.
Interest rates are only part of growth/stability equatio otherwise Venezuela would have high groth and low inflation. No liberals in Venezuelan CB isnt it?


Nabiulina perhaps has liberal mindset but she is there to do the job Putin wanted. Do you think would she stay CBR boss once changed course against vision of by Putin & co?
Putin besides all good (really good wishing patriotic dudes) has to see higher - there are another dimensions in politics we even dont know about, other factors in intl relations.
Blackmails, info wars, spec ops whatever you want all influences economy. Social unrest like in France is the last thing Russia wants preparing to eventual hot war.

Rosavtodor allocated 382.1 billion rubles for the road works program in 2018

It is expected that following the results of the current year, after the construction and reconstruction, the federal road workers will commission 286 km of roads

MOSCOW, December 21. / TASS /. Rosavtodor, responsible for federal roads, sent 382.1 billion rubles to finance the road works program in 2018, the Ministry of Transport of the Russian Federation said in a statement.

"The amount of funding for the department’s road works program in 2018 is 382.1 billion rubles, including 124.6 billion rubles for the construction and reconstruction of federal highways, 257.5 billion rubles for major repairs, repairs and maintenance," the ministry reported with reference to Evgeny Turiyev, head of the Rosavtodor road construction and operation department of Rosavtodor.

The total length of federal roads served by institutions subordinate to Rosavtodor increased by 913.65 km during 2018 and exceeded 51 thousand km. 71.2 billion rubles were allocated for their maintenance.

According to the results of the current year, it is expected that after construction and reconstruction, the federal road workers will put in 286 km of tracks, and after all types of repairs - 8300 km. According to the program of comprehensive arrangement of roads in 2018, work is being completed at 93 objects, including at 19 pedestrian crossings at different levels, 68 objects of artificial lighting. The increase in the length of artificial lighting lines on federal highways will exceed 450 km.

In 2018, it is planned to carry out work on the overhaul and repair of 987 artificial road structures with the commissioning of 715 facilities with a total length of 28.16 km. Among them, 278 bridges, 437 culverts.

https://tass.ru/ekonomika/5941242

The head of the Ministry of Industry and Trade, Denis Manturov, in an interview 

Подробнее на РБК:
https://www.rbc.ru/interview/politics/24/12/2018/5c1cf7db9a79477266cc5984

This is good move to introduce transprancy in National project 

[size=32]Dmitry Medvedev spoke about the implementation of national projects[/size]


https://rg.ru/2018/12/24/dmitrij-medvedev-rasskazal-o-realizacii-nacproektov.html

Control over national projects will be hourly, and even every minute. If the interim results are supposed to be summed up twice a year, then operational control, Dmitry Medvedev said, is being organized online. The government will add 91 indicators of national projects to the federal statistical work plan. Thus, they will become objects of statistical accounting and will be open to all. “So, the society itself will be able to control how national projects are carried out. In the near future I will sign such an order of the government,” the Prime Minister said.
“Our task is to ensure that next year citizens will feel real changes for the better in all twelve national projects,” he concluded

Austin wrote:This is good move to introduce transprancy in National project 

especially that Kudrin  holds a grunge against Medvedyev ;-)

In Russia, may increase the speed limits on some roads

In two new sections of the M-4 Don, and in some sections of the M-11, Moscow-Petersburg will increase the allowed speed to 130 km / h.
On some federal roads in the Russian Federation may increase the allowed speed from 90 to 110 km / h, the newspaper "Izvestia" writes with reference to Rosavtodor.

According to the publication, this proposal will help to improve the capacity of roads, as well as reduce accidents. It is supposed to increase the speed limit, first of all, on the section of the tracks in the Pskov region and in the Perm region. We are talking about 419–616 km of the M-9 Baltiya highway, 178– 542 km of the R-23 road, 105 –141 km of the R-56 road, and 4 - 59 km of the A-road 212.

In addition, it is possible to increase the allowed speed on the new sections of the toll roads M-4 "Don" and M-11 "Moscow - St. Petersburg". According to the publication, currently the changes are coordinated with the territorial divisions of the traffic police.

The plans of Rosavtodor are to “disperse” up to 110 km / h the sections M-8, R-217, M-5, A-370, increase the carrying capacity of the R-22 Kaspiy, A-289 Krasnodar – Kerch, R-404 roads. Tyumen – Khanty-Mansiysk.

Earlier it was reported that in Russia, speed limit signs will be installed, which will automatically calculate the optimal speed mode for current weather conditions, the so-called dynamic signs . They will be placed on highways and along high-speed roads.

https://tvzvezda.ru/news/vstrane_i_mire/content/201812250058-ih00.htm

news

[size=48]Business presented Siluanov investment projects at 15.3 trillion rubles
StatementsDecember 24, 11:38

 

 
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According to him, of this amount, the investors' own funds amount to at least 3 trillion rubles.
The meeting discussed specific mechanisms and actions that are needed to increase and expand the investment programs of companies, Lavrov said. “Ultimately, this work will contribute to the task of attracting private investment in the implementation of national projects on ecology, the development of exports, the digital economy, health care, transport infrastructure, as well as increased labor productivity,” he added.
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Russia phasing out US dollar in military contracts in favor of local currencies – trade minister

Moscow is dropping the greenback in major arms deals and switching to the Russian ruble and the national currencies of its partners, according to the country’s trade minister Denis Manturov.

The minister added that the euro is currently the alternative to the dollar, with US currency used only when there’s no other way.

“We are using various schemes, including settlements in rubles,” Manturov said in an interview with Russian daily RBC. “National currencies of our partners are used along with rubles purchased on the stock exchange.”

The minister stressed that all contracts on delivery of the S-400 air defense missile systems are clinched either in rubles or in local currencies of the buyer countries. So far, supply contracts on the air defense systems have been signed with India, Turkey and China.

Indian authorities agreed on supplies of S-400 systems at the beginning of October. The deal worth $5.4 billion was clinched during Russian President Vladimir Putin's two-day visit to New Delhi. India was also planning to purchase Russian T-14 Armata tanks and guided-missile frigates. The country is also planning to develop submarines and next-generation fighter jets in cooperation with Russia.

In December 2017, Turkey and Russia clinched a deal worth $2.5 billion on the purchasing of two Russian-made S-400s. China was the first foreign nation to purchase S-400 systems. Beijing signed the deal on supplies of up to eight units of the S-400 equipment as early as in 2014. The contract value was estimated at around $3 billion. In September, the US State Department imposed sanctions on the Chinese military for buying Russian military hardware.

The S-400 is a long-range air defense system designed to protect strategically important sites like key infrastructure objects, military units or ballistic missile launch silos against enemy aircraft and missiles. The system is capable of destroying multiple aerial targets at an extremely long range of up to 400 kilometers (nearly 250 miles).

Finally Trading.com has updated their Debt to GDP ratio for all countries and now it shows 12.6% for Russia which is right value

https://tradingeconomics.com/russia/government-debt-to-gdp

Tingsay wrote:
Oh now its Russia vs US? I thought this was Russia vs West? Make up your mind. Th Us maybe the leader of the West, but Europe isn't slacking off, Japan isnt, S.Korea isnt'. Australia, New Zealand etc.

Where's your anger towards BRICS, Vann?
No anger towards South Africa's recession and their racist ass? No? Ok
No anger towards India's painfully slow harnessing of 1 billion people? No? Ok
No anger towards Brazil's uninovative petrodollar investing ass? No? Ok
Kazakhstan, an "ally" against Western hegemony gets a pass too?

Russia is doing what it can with what it has, China is 10x better at harnessing 1 billion people than India. These two seems to be the only ones worth a damn.

But hey, lets blame it on Russia and Putin!

I have never said that i want to fix the entire world , that will be ridiculous
for even dreaming on an perfect planet..

I only talk about Russia ,because is the nation i believe ,(with the correct Leaders) ,
will have plenty of opportunities to Influence the west..away of the Anglo-zio Jews unfair system,
towards the Russian orbit..and create a new world system with Europe. Why Europe is important..
because is at Russian borders..without Europe there is no NATO, or at least one that matters..
and is Europe what allows US to auto declare itself the world leader. an alliance between Europe and
Russia will put an end to NATO and to US wars and US leadership..and their warships no longer even have
a place to refuel ,or go close to Russia.. Without Europe support Americans can't deploy missiles at Russian borders.. effectively Russia needs Europe on its orbit , if it was security and prosperity. and wants to put an end
US military dreams of a leading the planet. or destroying Russia.

So those nations you mention have no chance ever to end the US empire..not even close ,they are still
in the process of development. They are not there yet.. only CHINA and Russia have a chance..
but they have different issues ,that will not go there. however ,what i can say is that China is the only
nation that is REALLY Fighting the American Empire ,with Leadership in Business.. ie.. huawei is the second
most sold smart phone bran in the world ,already more advanced and popular than Apple. iphones..
so this is leadership in action.. this is how you can Convince the west.. that it is possible to have nation development and progress outside the American business system..

and to make things more Ironic.. China have a more ambitious space program today than Russia.
Is right now traveling to the dark side of moon and planning a trip to mars earlier than Russia and its own
space station.. This is how you draw the attention of the west.. with LEADERSHIP in nation development..

Putin understand leadership differently.. with agriculture records.. with olympics medals , with pomoting
"healthy food" ,and "healthy sports" that people get lifetime injuries.. and religion.. with records in selling gas.. and in combination with powerful nukes. He is simply not using the right tactics to defeat the US system.
Trump top economic advisor even told it.. The day china goes ahead of US ,in AI ,robotics and high tech,,
American economy will not have a chance to recover.. amazing eh? So what is Putin waiting?
If they even say it.. Is High TECH , how you can defeat us economy ,that depends on it.. US leadership too..
so this is where Russia economy needs to be focused.. in Leading in High Tech consumer business. this is what
win the hearts of people.. the things they can buy for them..for their house and loved ones. A new home theather system is far more influential than Putin's orthodox church.. or Putin wheat records.. so he is wrong big time.
Russia economy needs to be successful ,in the things that can help Russia become an alternative to popular high tech US business.. Americans love high tech.. love entertainment and you will win them in your pockets if you lead there .. if Russia fails to influence Americans and or Europeans.. will have to fight them.. in a war.. there is no other alternative.. Russia either influence or either fight.. but Putin can't expect for a single second ,that Russia will even have peace or be respected ,without offering no alternative to the west. Russia is the most disrespected nation in the world and Putin is to blame for it... how many times i have seen in Social media.. russian haters..
main argument is.. something like this.. either Russia is a gas station.. or There is very few things that Russians can feel proud.. what does Russia make? this is what i see ,all the time in social media.. and they are right..
Russia business influence is really bad in the west.. other than space.. there is nothing else , that can the attention of the west..and it is Putin the "Genius" ,who took the decision to cut in half the budget Russia space program.. while incrementing the spending in sports. Putin told sports promotes good relations and friendship..
well i see nothing of that.. Russia did not gained an inch of good relations with US o Europe.. after $63 billions spend in Sochi and world cup 2018. IF Russia was landing with humans in the moon now.. then it will be drawing world attention and attracting major investments in Russia.. and the best thing of all. is that Americans can't sanction something they like and need.. as it is Russia space program.. Putin is making a major mistake in not
seeking a total donation in space.. and allowing the west to make more headlines in space exploration achievements.

Putin understand leadership differently.. with agriculture records.. with olympics medals , with pomoting
"healthy food" ,and "healthy sports" that people get lifetime injuries.. lol1 and religion.. with records in selling gas.. and in combination with powerful nukes. He is simply not using the right tactics to defeat the US system.

You sound like the sort of crackpot nutjob that refuses to let their children get immunised because it is all a government conspiracy...

Putin is doing just fine considering the hand he is playing with and the hands in the people he is playing... you think this game is fair and that doing the right things Putin could actually win the whole pot in this poker game... Putin knows it is not about winning... it is about improving things and getting stronger...

But you don't understand this because you are a child that believes the good guys win... classic product of an upbringing soaked in Hollywood bullshit endings.

GarryB wrote:

You sound like the sort of crackpot nutjob that refuses to let their children get immunised because it is all a government conspiracy...

yeah, like it wasn't

c'mon Im afraid that Vann is structurally incapable to accept that Putin is actually doing a great job, taking into account all limitations of situation he (and Russia) is in. As for winning - yes it is about winning. But all depnds how you define a success criteria. Strong Russia, independent, with its very own pole in mulitpolar wold seems to be both Putin's objective and yhr achievable one.

some interesting way to see Russian economy

Small Bypass.

http://smoothiex12.blogspot.com/2018/12/small-bypass.html

Siluanov said that the budget surplus is a defense against possible new Western sanctions
https://tass.ru/ekonomika/5958200



Siluanov: the three-year budget of the Russian Federation provides for 5.7 trillion rubles for the implementation of national projects


https://tass.ru/ekonomika/5958005

Oreshkin called on Russia and the EU to think about payments in euros in the trade in raw materials

"For example, a significant reduction in the role of the dollar in international settlements would lead to the transition from dollar to euro in commodity trading. I think this is one of the areas where we should work with European countries, because neither in Russia nor in Europe is the dollar official means of payment. Nevertheless, energy trade between us for some reason is carried out for dollars, "Oreshkin said in an interview with RT .

https://ria.ru/20181224/1548616708.html


well gas/crude for Euro and Rupees and Yuans? good idea

Austin wrote:Siluanov said that the budget surplus is a defense against possible new Western sanctions
https://tass.ru/ekonomika/5958200
..........

This guy is finally starting to use his brain

GunshipDemocracy wrote:
c'mon Im afraid that Vann is structurally incapable to accept that Putin is actually doing a great job, ....

Vann is structurally incapable of comprehending fact that countries are not run by single person.

He is like a 6 year old who thinks that one man can run a country singlehandedly and not drop the ball 48 hours later.

Putin MEeting with Business Investors and Cabinet MEeting 

https://www.gazeta.ru/business/2018/12/26/12108703.shtml

Business called for more spending on infrastructure projects now, from the new year. It can be seen that the economy has begun to slow down, and investments can support economic growth, ”said Kalinin. The development fund has already been created, the funds are budgeted, so it is important not to delay the start of project implementation.

Kalinin also noted that business is worried about initiatives to convert some fees to taxes. In particular, it concerns the resort fee. The head of "Supports of Russia" expressed the opinion that this should not be done in the form of a tax.


Business for its part asked for help from the state. In particular, there is a wish to clearly resolve the issue of what is movable and immovable property, the head of the “Supports of Russia” said. According to him, there are gaps in the current legislation. First Deputy Prime Minister, Anton Siluanov, according to Kalinin, assured that the corresponding explanation is being prepared and will soon see the light. Perhaps even before the New Year.

The participant of the meeting, the head of the Support of Russia Alexander Kalinin told “Gazeta.ru” that the relevant ministers answered specific questions of entrepreneurs. The president urged businesses to actively participate in the implementation of national projects, drawing attention to increasing productivity, participation in economic programs, and the development of digital technologies, Kalinin said.


Putin assured entrepreneurs that within the framework of the implementation of national projects, environmental innovations would not be imposed on companies so that this would not be an additional burden. The President also stressed that Russia is not going to fall into isolationism, to build barriers for economic cooperation.

Vladimir Putin came, the meeting began. The president says that we need to talk about our economy, the real sector, what we managed to do and what we failed to do. It is important to listen to “your assessments for me and for the administration,” including on national projects.


Not all invited came to the Kremlin. The leaders of Rostec Sergey Chemezov and the head of Aeroflot Vitaly Savelyev are absent at the meeting. Of the "private owners" there is no Peter Aven from Alfa Bank and Arkady Volozh from Yandex. Among the newcomers to such meetings, the head of Gazprom Neft Alexander Dyukov, the president of Infowatch Natalia Kasperskaya, the head of Sibur Dmitry Konov.


Putin said that the authorities intend to expand the range of financial instruments for long-term, large-scale investments in the domestic economy, to adopt amendments to legislation that allow banks and other professional market participants to issue structural bonds. For the return of capital to the Russian jurisdiction, it was proposed to use domestic foreign loan bonds denominated in foreign currency. We also agreed to improve the legal regime of controlled foreign companies.


At the same time, the authorities tried to force exporters who received additional profits from the weakening of the ruble exchange rate to share money. Presidential Aide Andrei Belousov proposed introducing a special fee for them. As a result, the parties came to the conclusion that the business will finance investment and social projects. Supervises the topic of First Deputy Prime Minister Anton Siluanov. The latest version presents projects of more than 15 trillion rubles.

To the direct question “are you satisfied in general with the Medvedev team?”, Vladimir Putin answered “as a whole, yes”.

12:31
According to his estimates, 20.8 and 6.5 trillion rubles will be spent on the implementation of 12 national projects (demography, education, health care, etc.) and a comprehensive infrastructure development plan. in six years.


12:22
"And some say:" It is impossible. " But they say those who must achieve results. Let them not think so, but let them work on execution, and if they feel that they are not able to perform, then let them make room for those who are full of optimism and are ready for this work. I, frankly, do not see them, who do not want and say that this is impossible. They say people who analyze something from outside there, ”said the President.

So according to Putin, 20.8 Trillion will be spend on 12 National Project and 6.5 Trillion will be spent on Infrastructure for the next 6 years. 

Thats  27.3 Trillion total , Huge Investment for 6 years !

https://rostec.ru/news/roselektronika-v-2018-godu-uvelichila-vypusk-grazhdanskoy-produktsii/

Ruselectronics in 2018 increased production of civilian products

The holding company Ruselectronics of state Corporation rostec in 2018 increased revenue from the supply of products for civilian use to 21.5 billion roubles that in one and a half times more than in 2017. The main growth was achieved due to the implementation of major infrastructure projects such as the digitalization of the electricity industry, the establishment of intelligent transport systems in the regions of Russia and abroad, equipment inspection systems.

In particular, in 2018, the holding company created Russia's first navigation station for high-precision surgical operations and started deliveries to medical institutions of neurotrauma ReviVR with virtual reality technology for the rehabilitation of patients after stroke and spinal cord injuries.

Enterprise "Roselektronika" has completed a number of developments in the field of airspace surveillance and protection against unauthorized use of drones. Another novelty became Russia's first fully automatic complex electronic warfare with UAVs "Solaris-H", which provides protection from the copters in the area of 80 sq km without operator intervention.

In addition, holding companies have developed which has no analogues passive range of monitoring and countering drones, which can be used on site, where you can not use EW, airports, residential area, plant. It includes passive coherent locator module radio monitoring "Cherry" and the jamming system "HAMMER".

In 2018, began the production of personal equipment for work with classified information, and developed the first domestic chip for the "Internet of things". In addition, the holding created a compact mobile supercomputer with liquid cooling system, a peak performance of 2.2 TFlops and storage capacity up to 2.2 Pb.

Ruselectronics has also developed a system of video monitoring for passenger transport, which is installed and successfully operated in the buses of Saint-Petersburg. Surveillance system can recognize the facial biometric parameters of the person – a quasi-3D image of the face and iris of the eye.

According to the holding company, the consolidated revenue for the year 2018, increased by 16% compared to last year and reached 172 billion.

Can any one post the full article here please if they have access 

Results of 2018. The authorities have bet on national projects


https://www.vedomosti.ru/economics/articles/2018/12/27/790623-na

ECONOMY

[size=44]The State Duma adopted a budget surplus increase to 2.1% of the amendment[/size]


https://iz.ru/814740/2018-11-21/gosduma-priniala-uvelichivaiushchie-profitcit-biudzheta-do-21-popravki



State Duma deputies at a meeting on Wednesday, November 21, adopted in the final, third reading, amendments to the budget for 2018. According to them, the forecast of GDP for 2018 has been increased from 98 trillion 234 billion rubles to 101 trillion 164 billion rubles. 

Austin wrote:Can any one post the full article here please if they have access 

Results of 2018. The authorities have bet on national projects


https://www.vedomosti.ru/economics/articles/2018/12/27/790623-na

I dont subscribe vedmosti but you have same info here:

Results of the year: the 2019th will be the predawn hour of the Russian economy

According to the forecast of the Ministry of Economic Development, GDP will grow by only 1.3%, inflation in the first quarter may exceed 5% or even come close to 6%, industrial production growth and retail turnover will slow down.
After the inauguration, Russian President Vladimir Putin set new tasks: a May decree and 12 national projects approved on it, which should radically improve the standard of living and transform the economy. As a result, by 2024, Russia's economy should be among the top 5 leaders in the world.

+++

The Ministry of Economic Development expects to see the effect of the implementation of the May decree already in 2020, when, according to the Ministry’s basic forecast, the key indicators of the economy will accelerate sharply. The Ministry proceeds from the fact that in 2020 the economy will grow at a growth rate of 2%, and from 2021 it will grow to more than 3%, that is, it will approach the world average.

https://ria.ru/20181229/1548907836.html

Rosstat improved its estimate of GDP growth in 2016 and 2017

MOSCOW, December 29 - RIA News . Rosstat improved the estimate of Russia's GDP growth in 2017 to 1.6% from 1.5%, in 2016 - to a growth of 0.3% from a fall of 0.2%, follows from the service data published on Saturday.
"In accordance with the regulations for the development and presentation of GDP data, the Federal State Statistics Service carried out the fifth GDP estimate for 2016, the third GDP estimate for 2017," the service said.

As the service explains, changes in GDP estimates for 2017 are associated with the use of an information base based on actual data of federal statistical observations and a report on financial results of annual financial statements; performance report of the state budget; balance of payments; updating the information of the Central Bank on the use of indirectly measured financial intermediation services and indicators of the production account of the banking sector; additional information not available during the first assessments.
Changes in the estimation of GDP for 2016 compared to the previously published ones are associated with the use of preliminary results of the development of base tables "input-output" for 2016, the first estimate of the cost indicators of the 2016 All-Russian Agricultural Census, as well as updated balance of payments data and other official statistics information.
The Minister of Economic Development of the Russian Federation, Maxim Oreshkin, previously reported that the growth rate of Russia's GDP by the end of 2017 of 1.5% will be revised upwards, following a significant correction in data on the growth of industrial production.
In June, Rosstat raised its estimate for industrial production growth rates in Russia in 2017 to 2.1% from the previous estimate of 1%.

https://ria.ru/20181229/1548917279.html

Well, Russia is pretty much top 5 anyway. Unless Germany increased a lot too.

Keep in mind the real numbers from Hellevig.

Interesting, and expected. By the way, that means that the "period" of negative growth only lasted for a year (!!), that is 2015, GDP growth was positive in both 2014 and 2016.

Medvedev and his team have big plans. How will he change the lives of Russians

https://lenta.ru/articles/2018/12/30/pravit/