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Meeting on economic matters

RUSSIA, July 11 - Mikhail Mishustin: “It is important not only to maintain positive trends, but also to create conditions for sustainable growth using internal resources, to achieve the goals set by the President: above all, to ensure the quality of people’s lives in all regions of the country.”

Mikhail Mishustin’s opening remarks:

Meeting on economic matters

Meeting on economic matters

11 July 2023

Meeting on economic matters

Meeting on economic matters

11 July 2023

Meeting on economic matters

Colleagues,

Before we begin the meeting, I would like to take this opportunity to congratulate Maxim Reshetnikov on his birthday.

Mr Reshetnikov, you are doing a lot to upgrade the economy, improve its competitiveness, generally improve the business climate in the country and implement significant projects. This is all very important work. My wish is that you remain energetic and focused. I wish you success in your professional activities. And, of course, family warmth and all the best. Happy Birthday!

Colleagues,

Today we will discuss the state of affairs in the economy. I reported on this issue to the President last week.

Our country is facing serious challenges. However, the assumptions of the ill-wishers have not come true. Despite the strongest pressure from the West, the Russian economy is doing well.

As the President noted, the results to date are higher than forecasted.

It is important to continue to take the necessary measures for the stability of the economy, the development of industry, and the provision of assistance to citizens and businesses.

In the first five months, the increase in gross domestic product was 0.6 percent. In May, we reached 5.5 percent in annual terms.

Yesterday, at the strategic session of the Innoprom trade fair in Yekaterinburg, we talked at length about industrial production. It is this sector that provides substantial support to the economy. Between January and May, this indicator added another 1.8 percent. Moreover, growth has been accelerating for three months in a row. While in March it was just over 1 percent, in May it was already over 7 percent.

One of the driving forces was the manufacturing sector. In May, growth approached 13 percent. Metallurgy and machine-building made a significant contribution here.

The output in agriculture, construction, food and light industry is steadily increasing.

Of course, not all industries have restored their economic chains after the imposition of the sanctions. Today it is important to expedite the introduction of our own technologies and solutions, to reduce dependence on imported equipment, components and software as much as possible, to create goods that meet the needs of the people and business and will be competitive both domestically and abroad.

Regarding other macroeconomic indicators, I would like to note that inflation remains moderate. From January to early July, it was 2.9 percent, which is significantly lower than last year’s values. In annual terms, it is not exceeding 3.5 percent. This is one of the lowest rates in the world today.

The situation in the labour market is also stable. Unemployment has been at a record level of 3.2 percent since February; this has been said many times.

I would like to emphasise once again that all of our social commitments will be fulfilled in the face of any challenges to our economy. And we will continue to achieve the other priority goals of the state.

Now it is important not only to maintain positive trends, but also to create conditions for sustainable growth using internal resources. To achieve the goals set by the President: first of all, to ensure the quality of people’s lives in all regions of the country.