President Putin believes that one of the major economic results of the year 2007 is the more than 10% increase in real per capita incomes. The share of the population with incomes below the poverty line has been reduced to 12%-13%, he said at the meeting with the Cabinet.
The President noted that Russia’s economic success in 2007 should not be wholly attributed to high oil and gas exports. Partly, it has been achieved by the better performance of many industries and Russian business in general. Thus, economic modernisation has stepped up machine-building, the chemical industry, timber and pulp-and-paper production, the agro-industrial sector and construction materials industry.
Talking about plans for 2008, the President emphasised that Russia must use its amassed economic potential to become more competitive, in particular, to support its technological and innovation performance, and develop its transport and energy infrastructures.