The Russian economy is recovering steadily, with Gross Domestic Product (GDP) growth in the first five months of this year reaching 0.6%. The statement was made by Russian Prime Minister Mikhail Mishustin during a meeting with President Vladimir Putin on July 5.

Prime Minister Mishutin stressed that the Russian economy "remains stable and recovering despite sanctions." GDP growth in the first five months of this year was 0.6%. In May alone, GDP increased by 5.4% compared to the same period in 2022.

Russian Prime Minister Mikhail Mishustin. Photo: VNA

Regarding the inflation situation, Mr. Mishustin said that this indicator as of early July was 3.4% and is forecast to not exceed 5% annually. Russia has established a special price monitoring system, first of all for the "food basket", based on information sources including the federal statistical service Rosstat, the tax service, as well as the corresponding analytical centers.

Real wages in the country also increased by 4.2% in the first four months of the year, while Russia's unemployment rate is now at a record low of around 3%.

The Russian Prime Minister said that if there were no sudden, unexpected situations, the country's GDP growth in 2023 could be higher than 2%.

For his part, President Putin said that the current economic situation in Russia is better than previously forecast, showing that the country can complete all set tasks within at least 1 year.

VNA