Translation. Region: Russian Federal
Source: Government of the Russian Federation – Government of the Russian Federation –
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Deputy Prime Minister Alexander Novak held a meeting on the current economic situation. It was attended by Deputy Chief of Staff of the Presidential Executive Office Maxim Oreshkin, Chairperson of the Central Bank Elvira Nabiullina, CEO of Gazprom Neft Alexander Dyukov, representatives of federal authorities, the Moscow city government, as well as experts from VEB.RF, Sber, the Eurasian Economic Commission, the Russian Academy of Sciences, the Russian Presidential Academy of National Economy and Public Administration, the Center for Macroeconomic Analysis and Short-Term Forecasting, etc.
The participants discussed the results of the economic block's work in May and the first five months of 2025, proposals for further economic development taking into account current challenges, as well as the results of monitoring systemically important organizations for January–June 2025. In particular, issues of the work of various industries in the context of the current economic cooling were touched upon.
According to the Ministry of Economic Development, GDP growth in January–May 2025 was 1.5%. Investments in the first quarter grew by 8.7%.
The growth of the manufacturing industry and a number of other sectors continued compared to the same period last year. The most active growth in January-May was demonstrated by such segments as mechanical engineering, which increased production by 13.3%, and the public catering sector, which showed growth of 8.3%. The construction industry added 5.5%, and the chemical complex demonstrated growth of 3.5%.
The current figures come amid record low unemployment, which stood at 2.3% in January-May 2025.
The ruble continued to strengthen, as well as a decrease in inflation. In May, it was 9.9%, decreasing to 9.4% in June and to 9.34% on July 14 year-on-year. The Ministry of Economic Development maintains its inflation forecast for 2025 at 7.6%, but this indicator may be adjusted to below 7% if the current dynamics are maintained.
"Our work is aimed at achieving national development goals, including the formation of a sustainable and dynamic economy. Our focus is on key indicators identified by the President as priorities. Among them are the dynamics of the gross domestic product, the position of the Russian economy in the world in terms of purchasing power parity, the level of investment, the income of the population, the position of workers in small and medium-sized businesses, labor productivity, inflation and employment of citizens, as well as other parameters reflecting the current state and prospects for economic development," said Alexander Novak.
Following the meeting, Alexander Novak instructed federal authorities to continue to actively monitor the situation in the areas under their supervision and, if necessary, take measures aimed at improving the situation and submit relevant proposals to the Government.
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