Mikhail Mishustin: “The national economy remains dynamic. In May, growth slightly accelerated compared to April, to as high as 4.5 percent. If we take statistics for five months, the gross domestic product added 5 percent compared to the same period last year. This is significantly higher than forecasts.”
Mikhail Mishustin chairs a meeting on economic issues
Mikhail Mishustin’s opening remarks:
Good afternoon, colleagues.
Today, we will have a discussion on the current economic situation. The national economy remains dynamic. In May, growth slightly accelerated compared to April, to as high as 4.5 percent. If we take statistics for five months, gross domestic product added 5 percent compared to the same period last year.
This is significantly higher than forecasts, even despite the attempts from the outside to hinder us.
Indicators in the real sector are also in the black. From January to May, the manufacturing industry grew by almost 9 percent.
Mechanical engineering remains one of the key drivers, showing double-digit growth rates.
But most importantly, investment continues to grow. This creates a solid foundation for future growth. In the first quarter, investment rose by almost 15 percent, mainly in new machinery and equipment, as well as in intellectual property.
Companies can invest their own resources because their profits are growing as well. The regions, too, have begun to invest more in development.
Another trend is a very high consumer activity, which is primarily due to the growing private incomes. However, the same factor spurs on inflation. As of 1 July, inflation was 4.5 percent compared to the beginning of the year.
Colleagues, we need to keep this issue under review at all times. The standards of living of our citizens depend on it.
Despite the summer season, we need to keep monitoring the macroeconomic situation, so if necessary, we could promptly adjust our policies in this area. We certainly need to do this in coordination with the Bank of Russia.
In addition, I would like to remind you that we have entered the most active phase of planning the federal budget for the next three years, and developing new national projects. They are all interrelated and are aimed at attaining the key objectives that the President spoke about.
The discussion on the key measures to be included in these documents is in progress now. Proposals for the national projects will need to be sent to the State Council at the beginning of autumn.
I ask you to ensure that all the planned deadlines are met. The funding needs should be identified in time and discussed with the Ministry of Finance.
I would like to emphasise that harvesting season has begun; autumn farming work is ahead. We need to keep track of what our agricultural producers need and make sure that they are provided with equipment, fuels and lubricants, seeds, and everything they need. Along with sufficient amounts, they also need to be provided with these goods at affordable prices. We certainly need to carefully balance our work to eventually fill the consumer market with high-quality and affordable agricultural products.
