Interfax: Shuvalov: modest GDP growth given high oil prices means little real growth

MOSCOW. Nov 27 (Interfax) – Russia’s modest economic growth despite high oil prices means that the economy is barely growing at all, First Deputy Prime Minister Igor Shuvalov said.

“Given such high prices for energy resources, it must be acknowledged that we are not in fact growing,” Shuvalov said at a business conference on Wednesday.

That circumstance makes the development of small and medium enterprise (SME) all the more important rather than just another item on the usual agenda, he said.

“We will of course undertake action, such as anti-crisis action, even thought there is no crisis right now. But our most basic action is the development and support of SME,” Shuvalov said.

The average price for Urals crude was $107.7 per barrel in January-October 2013 compared with $110.9 per barrel in the same period last year.

The Economic Development Ministry estimates that Russia had 1.4% GDP growth in January-October 2013, down from 3.7% a year earlier.

[featured image is file photo]