Putin: We expect the Russian economy to grow

Russian President Putin, in his meeting with Russian officials on the country’s economy, said that the real, financial and service sectors are growing steadily.

Explaining that the Russian economy started to grow from the end of the second quarter of last year, Putin said: “Although the economy contracted by 2.1 percent last year, it grew by 0.6 percent in the January-May period of this year. The growth rate gradually increased, reaching 5.4 percent in May. he said.

Emphasizing that the production, construction and retail sectors in Russia are in the process of stable growth, Putin said: “We expect the Russian economy to grow more than 2 percent this year. In other words, the growth of our economy this year will fully offset the contraction experienced last year.” he used his statements.

DANGEROUS RISE IN INFLATION IN RUSSIA

Stating that unemployment in the country fell to 3.2 percent and real income growth reached double digits for the first time since 2018, Putin said: “It increased by more than 10 percent in April. In general, the results are good and even higher than expected and preliminary calculations”. he said.

Noting that the federal budget deficit decreased to 510 billion rubles in the second quarter of this year, Putin said: “The budget deficit is at the level of 2.6 trillion rubles in the January-June period. This corresponds to 1.6 percent of the expected economic growth for this year.” saying.

Putin said non-oil and natural gas revenues also rose 17.8 percent in the first half of this year.

Emphasizing that they are aware of the dangers to socio-economic conditions, Putin said: “One of these dangers is rising inflation. It is currently subdued, but there are signs that inflation is accelerating. It is important to maintain price stability in our economy.” he used his statements. (AA)