Putin said that the real income of Russians began to grow

Russians’ real incomes have begun to grow, albeit at a modest pace so far, Russian President Vladimir Putin said at a meeting with the Council of Legislators.

“Thank God, the real incomes of citizens have begun to grow – modestly so far, but still. Look at the forecasts of the same international organizations for the growth of the Russian economy. Everything is more or less stable there. Even those who would not like to show these perspectives are forced to show it,” quotes President’s press service of the Kremlin.

He urged officials to make “the most pressing, acute issues, problems that concern our citizens unconditional priorities”: the primary needs and tasks of developing the national economy, strengthening the country’s security.

Analysts at the International Monetary Fund (IMF) earlier today reported about the high stability of the Russian economy to sanctions. They note that after a sharp fall in the second quarter of last year, the Russian economy was able to recover significantly in the second half of the year, reducing the fall in GDP to 2.1% at the end of the year. A significant improvement in the terms of trade and stable volumes of oil exports led to a record increase in Russian oil and gas revenues, supporting the economy in 2022.

On April 14, Minister of Economic Development Maxim Reshetnikov announced that the department had improved its forecast for the Russian economy in 2023 from a decline of 0.8% (in the September forecast) to growth of 1.2%. The main contribution to economic growth, according to Reshetnikov, will be made by the recovery of consumer demand after the recession in 2022. The expected growth in household incomes will contribute to this, the minister noted.