Mishustin: Russian economy shows steady growth

The Russian economy, which has adapted to the challenges, shows fairly stable growth, declared Russian Prime Minister Mikhail Mishustin at a meeting on economic issues.

“It (the economy) has adapted to the current challenges, shows fairly stable growth – which is especially significant – relying on domestic demand, primarily thanks to the decisions that were previously taken on the instructions of the president, the prompt actions of the government in coordination with the Bank of Russia,” said He.

The country’s economy, the Prime Minister stressed, reached positive values ​​in all key indicators in the first half of the year. Thus, according to the Ministry of Economics, Russia’s GDP grew by 1.5%, and in the II quarter the growth was 4.6%. Industrial production in the country for the first six months increased by 2.5% due to manufacturing, where growth exceeded 6%.

Now it is important, Mishustin believes, to maintain the pace of economic growth to ensure domestic demand primarily with domestic goods and services, developing the supply-side economy, which the president spoke about.

“To this end, we will continue to implement measures aimed at increasing employment, increasing the efficiency of the economy, and, of course, investment activity,” the prime minister added.

Russian President Vladimir Putin at the end of July saidthat the growth rate of the Russian economy this year accelerated from month to month, so we can assume that in 2023 growth will completely cover last year’s decline. The authorities are counting on the growth of Russian GDP by more than 2% by the end of the year, the head of state noted.

On July 21, the Central Bank raised its forecast for Russia’s GDP growth to 1.5-2.5% after 0.5-2% in the spring forecast. The forecast was made taking into account new data on the dynamics of economic activity in the baseline scenario. According to the forecast, the GDP growth rate will be 1.5-2.5% in 2023, 0.5-2.5% in 2024, 1-2% in 2025.