Putin sees Russia’s GDP growth in April–June

MOSCOW, Mar 16 (PRIME) – Russia’s gross domestic product (GDP) will grow in April–June, President Vladimir Putin said on Thursday at a meeting with the Russian Union of Industrialists and Entrepreneurs.

"We see how positive trends in the Russian economy are gaining power, and we expect significant growth of the GDP in the second quarter as compared with the last year's level," he said.

The president attributed a 4.7% dive of the national economy in June 2022 to sanctions and said that the Russian economy restarted a growth in July 2022.

Inflation in March will be much lower than in the European countries, he said.

"For comparison, of course (inflation in March in Russia) will be lower than in the euro zone countries that are endlessly waiting for a collapse of the Russian economy," Putin said.

Inflation stood at 7.6% as of Monday, and by April, it will reach the target figure of 4%, he said.

According to Putin, demand in Russia has started growing in a long-term mode.

"According to estimates, we will reach an at least 5% rate of retail sales growth already in April," he said.

Foreign trade increased by 8.1%, with exports soaring by 19.9% and imports falling by 11.7% in 2022, he said.

The president said that the Russian economy will develop under a new model. The system of administration must reach a new level in quality. Some troubles with logistics, finance and technologies are yet to be solved, but there are vast opportunities for business in any sphere, he said.

Putin pledged state support to the responsible business saying that this would include business not hiding revenue in offshores, investing in its development and closely tied to the regions of presence.

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