AGP Executive Report
Last update: 4 hours agoGrowth: Russia’s economy may outpace the government’s year-end forecast after GDP grew 1% year on year in the third quarter. The ministry credited domestic demand, manufacturing, machinery, metals and a return to growth in construction. Banking: VTB chief Andrei Kostin urged further cuts to the number of lenders as problem loans reached as much as 13% of portfolios and customers withdrew 3 trillion rubles in cash this year. Trade ties: A 130-member Russian delegation visited Afghanistan to pursue investment and trade; separate reports say the two countries signed 15 economic agreements worth $103 million. Russia-Vietnam trade turnover rose 14% in the first half. Business climate: Small firms face pressure from tax increases, weak demand and expensive credit, while attacks on Russian industrial and energy facilities add to strains on production and fuel supply.
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