Russian President Putin: Russia's Gross Domestic Product grew by 0.6% in the first five months of this year | Economy | Russia | Russia
Russian President Putin stated at an economic conference held on July 25th local time that Russia's gross domestic product (GDP) grew by 0.6% in the first five months of this year, and the growth rate accelerated month by month. The economic growth rate in May 2023 reached 5.4%. Putin said that it is expected that Russia's gross domestic product will grow by more than 2% this year.
Putin stated that the current unemployment rate in Russia is 3.2%. In the first six months of this year, Russia's non oil and natural gas revenue increased by 17.8%, indicating a good development trend in the processing industry. The total budget deficit of the Russian Federation in the first six months was 2.6 trillion rubles, equivalent to 1.6% of the expected annual gross domestic product.
Putin believes that inflation remains one of the main risks to Russia's economic development, and there are signs of accelerated inflation. Therefore, it is necessary to maintain price stability and ensure supply-demand balance.