Vladimir Putin held a meeting on economic issues. Key points:
In general, Russian companies, enterprises and businesses are working confidently and successfully overcoming difficulties that arise. According to statistics, it was not only possible to secure the stability of the real sector, finance and services, but also to achieve significant progress in the critical development areas.
Starting in the second quarter of 2022, Russia's GDP began to grow by 0.5-0.7 percent quarterly. We expect the GDP to increase by more than 2 percent by the end of the year, and this growth will fully compensate for last year's decrease.
Manufacturing, construction and retail trade are among the leading industries. Growth in these industries, as well as the entire package of economic support measures, has a beneficial effect on the state of the labour market.
Significant growth in non-oil and gas revenues points to the strengthening of the real sector and the expansion of domestic manufacturing businesses.
The package of economic support measures has a beneficial effect on the labour market: unemployment has dropped to 3.2 percent, and real wages have grown by double digits for the first time since 2018. At the same time, the Government must strictly adhere to the established goals for the salaries of specialists employed in the public sector and index them in a timely manner.
Rising inflation is among the risks. It is important to maintain stable prices in Russia's economy, and ensure the balance of supply and demand. The Government should do its best to help expand the production of goods and services, and eliminate bottlenecks in logistics, energy and the real sector.
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