Russia’s Economy Shows Contraction in January—Putin
“Frankly, there is nothing unexpected for us here, but statistics confirm this. In January of this year, Russia's GDP was 2.1% lower than a year ago. Industrial production decreased by 0.8%. True, mining output grew by 0.5%, and that was before the rise in global energy prices,” Putin said during a meeting with the government’s economic bloc in Moscow.
Despite the decline, unemployment remained low at 2.2%, and annual inflation stayed below 6%, he noted.
“It is necessary to return to a trajectory of sustainable economic growth, of course, with a slowdown in inflation -- I will also talk about this now -- and maintaining stability in the labor market,” he added.
Putin also encouraged oil and gas companies to use extra revenues from rising global hydrocarbon prices to reduce debt and settle obligations with domestic banks. “That would be a mature decision,” he emphasized.
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