Russian economy grew an annual 2.2% in October, finance minister says

Credit: REUTERS/EVGENIA NOVOZHENINA

Preliminary data shows that Russia's economy grew by 2.2% in October year-on-year, Russian Finance Minister Anton Siluanov told a business forum on Wednesday.

MOSCOW, Nov 20 (Reuters) - Preliminary data shows that Russia's economy grew by 2.2% in October year-on-year, Russian Finance Minister Anton Siluanov told a business forum on Wednesday.

Siluanov said growth was supported by Russia's embarking on 13 national projects, covering everything from healthcare to education and infrastructure, which were announced by President Vladimir Putin last year.

After being sworn in as president for another six-year term in 2018, Putin ordered the government to boost economic growth to try to get it above the world average by 2025.

The centrepiece of that plan envisages spending 26 trillion roubles ($406 billion) on designated national projects.

Russian officials are for now divided over whether the projects, which will be financed by the state and by private investors, can help boost growth, which is projected to be a modest 1% this year.

The Russian economy ministry has yet to provide its estimate for October gross domestic product RUGDP=ECI growth.

($1 = 64.0250 roubles)

(Reporting by Gabrielle Tétrault-Farber and Andrey Ostroukh; writing by Katya Golubkova; editing by Andrew Osborn and Larry King )

((ekaterina.golubkova@thomsonreuters.com; +7 495 775 1242;))

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