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12 Feb, 2024 11:28

Russian economic activity at high level – Putin

The president has urged the government to maintain a balance between pursuing economic development and price stability
Russian economic activity at high level – Putin

Economic activity in Russia at the beginning of the year remains strong, according to President Vladimir Putin, who said on Monday that the situation is in line with the expectations of the government.

While addressing a government meeting on economic issues, the president pointed to strong consumer demand, calling it extremely important to maintain a balance between pursuing economic development and price stability.

“Strong consumer demand remains – approximately the same as in the fourth quarter of last year. And it is very important that this has a positive effect on the mood and plans of domestic business,” he said.

According to the president, increasing the incomes of Russians and improving the quality of life in the country remain a priority for the authorities. “Our main task, our absolute priority, is to increase incomes and the quality of life of citizens, the well-being of Russian families,” the head of state said.

“We are now entering the final stage of work on a plan of socio-economic actions for the next six years,” Putin added.

According to Putin, the federal budget deficit in January 2024 was 1.3 trillion rubles less ($14.2 billion) than in 2023, amounting to $3.3 billion. “This is a serious indicator,” he said.

The president instructed the government to pay particular attention to containing inflation and praised the actions of the central bank in the fight against rising prices. “At the end of January, it [inflation] amounted to 7.2% in annual terms, but, of course, we know that at the end of last year, consumer prices increased by 7.4%. Well, there has been a decrease in inflation,” Putin said.

The Russian economy ended up growing above the global average in 2023, with the country’s GDP increasing by 3.6%, the president said, citing the latest official data. The global average was 3%, he noted, adding that the economies of developed countries expanded by an average of 1.5%.

Putin also highlighted that Russian industrial production for the year increased by 3.5%, while manufacturing added 7.5%. “In areas such as the production of computers, aircraft, ships, furniture, electrical equipment and vehicles, double-digit growth rates were recorded,” the president said.

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

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