Mikhail Mishustin: “According to the revised estimates of the Ministry of Economic Development, GDP grew by 4.2 percent in January-September. Manufacturing continued to influence the dynamics in industry. Overall, this sector grew by almost 8 percent over the three quarters.”
Mikhail Mishustin’s opening remarks:
Mikhail Mishustin chairs a meeting on economic issues
Mikhail Mishustin chairs a meeting on economic issues
Mikhail Mishustin chairs a meeting on economic issues
Good afternoon, colleagues.
Today, we will have a discussion on a range of issues related to economic development. We will consider the main trends affecting business activity on a nationwide scale. We will begin with economic growth and inflation.
Despite the unprecedented sanctions pressure from unfriendly countries, according to the revised estimates of the Ministry of Economic Development, GDP grew by 4.2 percent in January-September.
Manufacturing continued to influence the dynamics in industry, including the segments that are critical for achieving technological and industrial sovereignty. Overall, this sector grew by almost 8 percent over the three quarters.
Mechanical engineering provided more than half of this growth in September, accelerating the output of transport vehicles and equipment, including railcars, diesel locomotives, electric locomotives, and ships by over 50 percent. The output of computers and electronics is growing at about 30 percent.
According to Rosstat, in the first half of 2024, investment increased by more than 10 percent. At the same time, we are seeing a slight decrease in investment activity today, primarily because bank deposits have become more profitable than investing, while the cost of borrowing is unfortunately high.
We certainly need to continue sustainable development. In response to the Presidential instructions, we have developed national projects to further this goal. They are aimed at improving a number of key aspects of the economy and social sphere. We have discussed this in detail at the Government’s strategic sessions.
Appropriate funds have been earmarked in the draft federal budget for the national projects’ implementation. The new budget is quite balanced, and what one might describe as moderately conservative. It takes into account the external conditions without inflated expectations, and should ensure macro stability.
The country’s main financial document will be considered in the second reading today.
Implementing all our plans will take closer coordination between all responsible offices, including the Ministry of Economic Development, the Ministry of Finance and the Bank of Russia. Well-coordinated work on the fiscal and monetary policies remains paramount. It is especially important to address the key inflation expectations.
It is also necessary to keep monitoring the situation in priority sectors that help us develop the supply-side economy and have the potential to increase labour productivity and output.
I would like to underscore the need for analysing supply and demand sector by sector. It is important to monitor prices in the domestic market very carefully. People’s real incomes depend on domestic prices and their fluctuations.
A consistent and predictable management of preferential programmes is also of the essence. For this purpose, the main guidelines for economic development have been identified.
Among them is the development and introduction of innovations and domestic solutions to achieve technological leadership, especially, in machine-tool construction, robotics, microelectronics and other important sectors. We have discussed this repeatedly.
Other guidelines call for building up production capacity, expanding services, modernising infrastructure, and bolstering Russia’s research, educational and tourist capabilities.
The industries that are of particular importance for both domestic consumers and foreign markets are also among our growth priorities. These are agriculture, as well as the chemicals and metals industries.
Colleagues,
We have achieved significant economic results in many areas.
Today, it is particularly important to keep track of all the factors that affect the efficiency of various industries, to make timely adjustments and improve support tools.
We will talk about this in detail today.
