Translation. Region: Russian Federal
Source: Government of the Russian Federation – Government of the Russian Federation –
An important disclaimer is at the bottom of this article.
M. Mishustin: Good afternoon, dear colleagues!
Today we will discuss a number of economic issues. First of all, in terms of returning the economy to a trajectory of balanced growth and reducing inflation. This is a key task in further work when forming the budget for the next three years. This work is also actively underway in the Government and is based on the instructions of the President in coordination with the Bank of Russia and in interaction with representatives of the Federal Assembly, as well as the expert, scientific and business communities.
Participants of the meeting
List of participants of the meeting on economic issues, September 10, 2025
The main macroeconomic indicator – gross domestic product, despite the challenges that arose, maintained positive dynamics. Let me remind you that, according to the Ministry of Economic Development, it grew by 1.1% over the seven months.
After the high values that were in 2023 and 2024, some cooling was inevitable. We predicted this. The period of the first anti-crisis decisions has passed. Due to the rapid expansion of domestic production, a number of niches were quickly filled. Now the Government is seeking to form long-term trends in accordance with the tasks that the head of state has defined for the period up to 2030 and beyond.
The structural restructuring of the economy continues. Business is reformatting its trade operations and processes based on new realities, adapting to changing conditions, looking for new partners, raw materials and sales markets.
We also continue to create a basis for strengthening the country's technological and industrial sovereignty. Large-scale projects are being launched across the country, requiring systematic work and serious resources.
The manufacturing sector remains the main driver of growth in industry – growth was 3.3% from January to July of this year. The leader here was mechanical engineering – an industry where the share of added value is high. It added about 10%. Growth was also noted in the metallurgical and chemical complexes.
The overall dynamics were supported by the construction industry – the volume of work increased by 4.2%, as well as agriculture.
Overall, industrial production volume increased by approximately 1% in the first half of the year.
Now, regarding inflation. The expansion of Russian capacities, as well as a number of decisions taken by the Government and the Bank of Russia to contain prices, have allowed for a gradual slowdown in its dynamics. At the end of August, the decline in the cost of fruits and vegetables accelerated and returned – for milk and milk products.
Positive trends continued in the labor market. The unemployment rate remained at a historical minimum of 2.2% for the third month in a row.
Dear colleagues, another important topic is the budget. The government must submit its draft to the State Duma by October 1. It must take into account all current challenges. We discussed them in detail when forming the forecast for socio-economic development until 2028. The Budget Commission should meet in the near future, where it is necessary to approve all the main parameters – income and expenses. After that, the draft law will be presented at a meeting of the Government of the Russian Federation.
The unconditional priorities are ensuring macroeconomic stability, balance of the main financial document of the country, fulfillment of social obligations. And achievement of national development goals that were defined by the head of state.
Today we will look again at what resources should be directed towards solving these issues, as well as towards stimulating production, supporting regions, and technological and infrastructure projects.
Particular attention, as the President noted, should be paid to the formation of additional sources of income. Given the realities, it is necessary to concentrate on the topic of efficiency, including in terms of labor productivity. It is necessary to accelerate its growth in every possible way. For this purpose, we must continue to remove system-wide barriers to entrepreneurial initiative, reduce excessive administrative burdens, and create incentives for independent development through internal corporate programs of the companies themselves.
One of the key tasks of further changes will be to improve the quality of the investment climate. This is planned to be implemented through a national model of target conditions for doing business. The structural change plan being developed by the Government is also aimed at increasing the efficiency of the economy.
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