Mikhail Mishustin chaired a meeting on economic development.
Meeting on economic matters
Mikhail Mishustin’s opening remarks:
Good afternoon, colleagues,
Today, we will discuss further efforts to develop our economy. The Russian economy has adapted itself to the current challenges and has been growing at a steady pace. Importantly, it is the domestic demand that has been driving this growth, primarily thanks to the decisions we took at the instructions of the President, as well as the Government’s response actions undertaken in coordination with the Central Bank.
In the first six months of 2023, all our key performance indicators were in the green. In fact, according to the Ministry of Economic Development, GDP increased 1.5 percent over this period, with a 4.6-percrnt increase in the second quarter of this year alone.
There has been an even more positive momentum in manufacturing. In the first six months, it increased by about 2.5 percent, mostly driven, as you know, by the processing sectors, which reported a 6-percent-plus increase. If we look at the performance data for June, this indicator was up 13 percent year-on-year.
It is essential that we maintain these high growth rates by ensuring that our goods and services can satisfy the domestic demand, as well as by proactively developing supply-side economics, as the President told us.
For that, we will continue undertaking measures designed to increase employment, improve economic efficiency, and promote investment.
We have already taken quite a few decisions to this effect. Launching new projects and expanding the existing ones requires funding. The Government and the Bank of Russia have approved several measures designed to improve the business environment and attract private capital, while making these mechanisms immune to the persisting external pressure.
These positive economic trends improve budget performance. In the first seven months, non-oil-and-gas revenue increased by about 20 percent, and this indicator was up by almost a third in July alone.
Meeting on economic matters
Oil and gas revenue has also been on the rise. As of the end of July, it increased by almost 5 percent compared to last year, exceeding the indicator factored into the budget guidelines by 73 billion roubles. We expect this revenue to keep growing in the months to come.
Colleagues, we must take into consideration all the possible risks and be prompt when it comes to addressing them. We need to do everything to maintain financial and budget stability and ensure steady growth, especially taking into consideration the complex objectives we now face regarding national defence and security, while also having to deliver on all our social commitments and restructure our economy.
