Budget hearings at Tatarstan State Council

Today, Tatarstan State Council held a hearing On Draft Budget of the Republic of Tatarstan for 2014 and the Planning Period of 2015-2016.

Murad Gadylshin, Chairman of State Council Committee for Budget, Taxes and Finance, reminded that all Tatarstan municipalities took part in discussing the draft budget at the local meetings in Chistopol, Naberezhnye Chelny and Zelenodolsk.

Midkhat Shagiakhmetov, Tatarstan Minister of Economy, reported on social and economic development forecasts. In 2013, Tatarstan and Russia in general saw its economic growth rate slowing down. Gross regional product growth rate more than halved, amounting to 2.3%. It is forecasted to constitute 1,520 billion rubles by the end of the year.

“Considering current economic situation we forecast the GRP of 4.2% for 2014. The national average will amount to 3%,” – stated the minister.

Industrial production index is forecasted to reach 104.6%. Shahiakhmetov added that petrochemistry and engineering companies will traditionally contribute the most into the index’s growth.

The budget is based on the following forecasts: the wages fund is planned to increase by 10.8%, consumer price index – by 5%, oil export price will amount to $101 per barrel, exchange rate – 32.1 rubles per dollar.