The meeting was attended by Prime Minister Mikhail Mishustin, Chief of Staff of the Presidential Executive Office Anton Vaino, First Deputy Prime Minister Denis Manturov, Deputy Prime Minister – Chief of the Government Staff Dmitry Grigorenko, deputy prime ministers Tatyana Golikova, Alexander Novak, Marat Khusnullin, Deputy Chief of Staff of the Presidential Executive Office Maxim Oreshkin (via videoconference), Minister of Economic Development Maxim Reshetnikov, Minister of Finance Anton Siluanov, and Governor of the Central Bank Elvira Nabiullina.
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President of Russia Vladimir Putin: Colleagues, good afternoon,
Today, we will hold our first meeting this year to discuss economic issues.
In this context, I suggest we examine some interim results of the domestic economy’s performance over the past year. We will discuss forecasts, development trends in light of current factors and challenges, alongside the situation in both domestic and international markets. Naturally, we will also conduct a detailed analysis of the mechanisms for achieving our economic objectives, supporting the growth essential for the nation’s confident and dynamic progress.
I would note that Russia’s GDP grew by one percent last year. This is lower than the growth rates observed earlier – 4.1 percent in 2023 and 4.3 percent in 2024 – as we are well aware.
However, we also understand that this slowdown was not only anticipated – it could even be described as deliberate, stemming from targeted measures to curb inflation. While price growth stood at 9.5 percent in 2024, this figure was reduced to 5.6 percent by the end of last year.
We all recognise the critical importance of moderate and predictable price dynamics for the well-being of Russian families, for the operation of enterprises and organisations, for public finances, and for the investment process and planning.
At the beginning of this year, inflation has, admittedly, accelerated slightly. As of January 26, it stood at 6.4 percent year-on-year. This was also expected, partly due to adjustments in the tax system, particularly the increase in VAT. According to assessments by both the Government and the Central Bank – that is, by your own estimates, colleagues – the impact of these changes on prices will be short-lived.
To be continued.