According to the World Bank, the Russian Federation "has moved ahead of Germany in terms of purchasing power parity, in terms of the size of the economy," Putin added. The president highlighted that this is one of the most important indicators.
The president stressed that the growth rates are steady, including in industry, while the current budget situation is stable and risk-free.
"The current budgetary situation is generally stable and does not carry risks for macroeconomic stability. In the second quarter, the federal budget deficit decreased almost eight times compared to the first quarter and totaled 264 billion rubles. In July, the budget balance was 458 billion rubles better than a year ago," Putin clarified.
For July-September the budget will be reported with a surplus, and by the end of the year the excess of expenditures over revenues will amount to the planned 2% of GDP, Putin noted.
According to the president, in a year and a half, the ruble's share of payments for Russian exports has more than tripled, from 12% to 42%, and "if we count it together with the currencies of friendly countries, this share reaches 70%".
Domestic manufacturers are quickly filling the shoes of foreign companies that have left, and Russia will continue to do the same, the president emphasized.
On August 4, Sputnik calculated using data from the World Bank that Russia's GDP by purchasing power parity (PPP) in 2022 for the first time ever exceeded $5 trillion, allowing the country to remain the world's fifth-largest economy.
Earlier, Russian Prime Minister Mikhail Mishustin said that Russia's economy had adapted to Western sanctions and was growing steadily, adding that, despite all attempts to cut it off from global production chains, logistics routes and financial systems, interest in the country's economy was increasing.
In early August, an American newspaper reported that the West's strategy of imposing sanctions on Russian businessmen and their families proved to be ineffective. Russia's ability to withstand the sanctions will be a subject for future analysis, according to the report.