The Make-Up of Russia's Outgoing Government
09:58 GMT 07.05.2024 (Updated: 10:43 GMT 07.05.2024)
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The Russian government announced its resignation after the inauguration of Russian President Vladimir Putin on May 7. The relevant decree was signed by Prime Minister Mikhail Mishustin.
Putin will subsequently present his candidate for PM to the Russian State Duma, the country’s lower house of parliament, for approval.
On Mikhail Mishustin’s watch, Russia became the fifth-fastest growing economy in the Group of 20 in 2023, and the country continues to expand despite the sanctions imposed on it by the collective West.
Check out the outgoing iteration of the Cabinet of Ministers with Sputnik.
A Hugely Successful Term
Russia's economy outpaced the US and Europe in growth last year. The Federal Service for State Statistics (Rosstat) said it grew by 3.6%, despite being subject to a raft of harsh economic sanctions. That was higher than many economic forecasts.
Russia became the fifth fastest-growing economy in the Group of 20 in 2023.
According to the World Bank, Russia is one of five largest global economies in terms of purchasing power parity (PPP).
The official estimate for Russia's GDP was $4.172 trln at the end of 2023 in PPP terms.
Federal budget revenues in 2023 exceeded 29 trillion rubles; that was almost 5% more than the same figure for 2022. Execution of federal budget expenditures in 2023 was close to 100% - the best result in recent years.
Russia's annual inflation rate came in at 7.42% by the end of 2023 (Rosstat).
The Bank of Russia's profits at the end of 2023 amounted to 140 bln rubles.
Growth of real disposable income among the Russian population was estimated at 5.4% for 2023.
The jobless rate in Russia in March 2024 reached a historic low of 2.7%.
Russian economy is becoming less dependent on commodity exports: in 2023, non-oil and gas revenues increased by a quarter.
Agricultural advances contributed to food security.
Economy is transitioning away from Western markets; 77% of Russia's trade is now with friendly countries.
Volume of Russia’s foreign trade in 2023 amounted to $710 bln; share of Asian countries in the total volume of Russian exports at the end of 2023 was 72%.
Volume of Russia-China trade reached a record $240.11 billion, an increase of 26.3%, by the end of 2023. Imports from China increased by 46.9%, while exports of Russian products to China also increased by 12.7%.
