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3 Aug, 2023 14:26

Russia’s manufacturing output picking up steam – Putin

Industries are looking at 12% growth this year, according to the president
Russia’s manufacturing output picking up steam – Putin

Russian manufacturing may grow significantly this year if industries maintain the current rate of increase, President Vladimir Putin predicted on Thursday.

During a meeting with business executives, Putin said that production rose in the first two quarters of this year, and if the trend continues, growth will be 12% in annual terms.

The overall situation in the manufacturing is stable, the employment levels are “decent,” and wages are growing, which indicates that Russia’s industry is picking up steam and diversifying, Putin stated.

Among the best performing industries, according to the President, are computers and electronics, finished metal products, and electrical equipment. Timber processing is lagging, mainly due to logistics issues, Putin concluded.

For more stories on economy & finance visit RT's business section

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