Russia’s economy is stable – Putin — RT Business News

The Head of State says he expects inflation to drop to 5% in the first quarter of the year

Russia’s economy is in better shape than expected and is on track to stabilize further, Russian President Vladimir Putin told Russia 1 television on Sunday.

According to the Head of State, all the main economic indicators point to a further stabilization of the country’s economy.

The situation of the economy is stable, moreover, it is much better than what not only our adversaries, but even ourselves had predicted… One of the main indicators – unemployment – ​​is at a historically low level. Inflation is weaker than expected and showing a downward trend“, Putin said.

He noted that inflation is expected to slow from 11.9% in 2022 to around 5% in the first quarter of the year.

Apart from everything else, industrial production is up, as well as agriculture and construction. So overall the situation here is not only stable, but I think quite satisfactory, if not good,” Putin continued.

Russian foreign exchange reserves continue to grow

Annual inflation in Russia in 2022 was lower than previous forecasts – the Central Bank and the Ministry of Economic Development expected the indicator to exceed 12%. Consumer prices soared in the first half of last year after the onset of the Ukraine crisis and subsequent Western anti-Russian sanctions. Inflation peaked in April at 17.83%, but gradually declined over the following months. Last year, Western economists predicted that inflation in the country would exceed 20%.

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