Russian President Vladimir Putin stated that the gross domestic product of the Russian Federation decreased by 2.1% year-on-year in January. He announced this during a meeting with the economic bloc of the government in Moscow.
According to the president, industrial production also showed a decline of 0.8%. At the same time, mineral extraction increased by 0.5%, which occurred even before the rise in global energy prices.
Putin noted that the unemployment rate in the country remains low at around 2.2%, while inflation on a year-on-year basis is kept at less than 6%. He emphasized the need to return the economy to a trajectory of sustainable growth and to reduce inflationary pressure.
In addition, the president recommended that oil and gas companies direct additional revenues towards reducing debt burdens and fulfilling obligations to banks.
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