Putin: Russia’s GDP in 2022 will decrease by 2.8-2.9%, inflation will reach 12%

Russian President Vladimir Putin said that the decline in the Russian economy this year will be 2.8-2.9%. At the same time, the construction sector, according to him, has already grown by 5.1%, agriculture – by 2 times. The President announced this at the final plenary session of the 19th meeting of the Valdai Discussion Club.

According to the President, inflation in Russia by the end of the year will be about 12%, in the first quarter of 2023 – about 5%. Unemployment in Russia is at 3.8%, less than before the pandemic, he said.

During his speech, Vladimir Putin saidthat the nominal incomes of Russians are growing, while the real ones are declining. According to him, this problem needs to be addressed. The head of state also called on the Russians, along with Europeans and Americans, to fight for higher wages.

Today, October 27, at the Ministry of Economy reportedthat the quarterly growth of the Russian economy may begin at the end of 2022. At the end of September, the department sharply improved forecast for the downturn of the Russian economy. According to the report, the country’s GDP will contract by 2.9% in 2022 and by 0.8% in 2023. The Russian economy is expected to grow by an average of 2.6% in 2024 and 2025.

Daria Erozbek