The Finance Minister explained that the data on GDP in January and February 2019 exceeded forecasts, and closer to the second half of the year is expected to accelerate the growth of the economy due to the fact that it will invest the money received from the increase in the rate of value added tax (VAT) to 20 percent."We harness for a long time, but I am sure that then we will go quickly," Siluanov said. The Minister also added that the measures of monetary and budgetary policy to stimulate the world economy have been exhausted. Trade wars and confrontations, he said, also do not spur it to growth.The government predicted a slowdown in Russia's GDP growth from 2.3 percent in 2018 to 1.3 percent in 2019. However, at the end of March, the Ministry of economic development reported that February data indicate a higher trajectory of economic growth than expected.In Russia, since 2019, VAT has been increased from 18 to 20 percent. This will attract an additional 600 billion rubles annually to the budget, the Ministry of Finance estimated. The funds received from the tax increase should be used to Finance the instructions of Russian President Vladimir Putin
The economy of Russia has promised growth and "fast driving»
GDP growth at the end of the year may be higher than the government's forecast. This was announced by the first Deputy Prime Minister, Minister of Finance of Russia Anton Siluanov at the conference of the Higher school of Economics, reports TASS.
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