https://sputnikglobe.com/20230704/russian-economy-keeps-recovering-despite-sanctions---prime-minister-at-meeting-with-putin-1111666521.html
PM to Putin: Russian Economy's Recovery Marching on Despite Sanctions
PM to Putin: Russian Economy's Recovery Marching on Despite Sanctions
Sputnik International
Russian Prime Minister Mikhail Mishustin told President Vladimir Putin that the Russian economy continues its recovery despite Western sanctions.
2023-07-04T22:42+0000
2023-07-04T22:42+0000
2023-07-05T10:57+0000
russia
mikhail mishustin
russia
vladimir putin
russian economy under sanctions
economy
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"The country's economy keeps recovering, I would even say, confidently, despite the sanctions, all the obstacles put in our country's way. Just now, while preparing for [a meeting with] you, I looked at the figures - for [the first] five months today our GDP growth amounted to 0.6 percent. But, what is very important, May on May is 5.4 percent," Mishustin said at a meeting with Russian President Vladimir Putin. He said the government is confident that in the absence of force majeure circumstances, by the year-end, GDP growth should exceed 2 percent.Mishustin also cited low unemployment and inflation rates as signs of a healthy Russian economy, noting that unemployment is around 3.1% and inflation is below 5% year on year.Mishustin also touted Russia's real wage growth. "Already today, for 4 months, [growth of] real wages amounted to 4.2%. As for year on year, in April, real wage growth was 10.4 percent. Nominal wages for 4 months [grew] 11.4 percent," Mishustin said.
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PM to Putin: Russian Economy's Recovery Marching on Despite Sanctions
22:42 GMT 04.07.2023 (Updated: 10:57 GMT 05.07.2023) MOSCOW (Sputnik) - The Russian economy keeps recovering despite sanctions, GDP growth for the first five months of 2023 totaled 0.6 percent, Russian Prime Minister Mikhail Mishustin said.
"The country's economy keeps recovering, I would even say, confidently, despite the sanctions, all the obstacles put in our country's way. Just now, while preparing for [a meeting with] you, I looked at the figures - for [the first] five months today our GDP growth amounted to 0.6 percent. But, what is very important, May on May is 5.4 percent," Mishustin said at a meeting with Russian President Vladimir Putin.
He said the government is confident that in the absence of force majeure circumstances, by the year-end, GDP growth should exceed 2 percent.
Mishustin also cited low unemployment and inflation rates as signs of a healthy Russian economy, noting that unemployment is around 3.1% and inflation is below 5% year on year.
"Regarding inflation, you know all the figures very well, at the beginning of July it was 3.4 percent. Year on year... it will not exceed 5 percent, according to experts. We will be watching," Mishustin said. "[A]nd the labor market. Here you know the situation well. Let's say, the historical unemployment rate of 3.1-3.2 percent," Mishustin noted.
Mishustin also touted Russia's real wage growth. "Already today, for 4 months, [growth of] real wages amounted to 4.2%. As for year on year, in April, real wage growth was 10.4 percent. Nominal wages for 4 months [grew] 11.4 percent," Mishustin said.
