Russian President Vladimir Putin said in a recent statement that it is important to focus on holding down prices. He also noted that the inflation is already turning around.
The President added that as of January, the annual inflation rate went down to 7.2% as opposed to 7.4% at the end of 2023.
The Central Bank is expected to keep the key rate at 16% at the upcoming meeting on February 16. The key rate has been raised by 8.5% since July 2023 in response to price pressure and other issues.
Vladimir Putin also stated that the GDP growth exceeded forecasts last year, standing at 3.6% against the expectation of 3.5%. The President noted that this indicator is above the global average rate of economic growth, which is around 3%. The developed economies are actually showing only 1.5%. He emphasized that the Russian economy has been able to achieve this dynamic primarily relying on its internal capacity.
The President also stated that Russia’s industrial production increased by 3.5% in 2023. The growth was around 7.5% among processing industries. Two-digit increases were reported in such industries as computer manufacturing, aircraft manufacturing, shipbuilding, furniture production, electric equipment and vehicle manufacturing.