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Russian economy continues to develop confidently — PM Mishustin

The prime minister made it a priority "to continue increasing Russia's role in global trade, primarily through the supply of non-raw materials"

MOSCOW, April 9. /TASS/. Russian Prime Minister Mikhail Mishustin said that the country's economy is still growing and developing. According to him, the manufacturing business is performing the best, and consumer spending is expanding.

"The growth trend has not changed at the beginning of 2024, our economy continues to develop confidently," the Prime Minister said. He cited data from the Ministry of Economic Development, according to which "in January, GDP grew by almost 5%, and in February - by 7.7%." "Growth in industry has also strengthened by around 8.5% in February. Processing remains the driving force, as in 2023, which is very important, our manufacturing industry is growing at a record pace," Mishustin said, clarifying that in February growth in the manufacturing industry was 13.5%. "This is the best monthly indicator, at least in several recent years," Mishustin emphasized.

According to the Prime Minister, "the creation of demand for new Russian goods and services is the basis for such changes." Consumer activity is increasing, as evidenced by retail trade turnover. It rose by more than 12% in February, up from about 9% in January, according to the Prime Minister.

The Prime Minister made it a priority "to continue increasing Russia's role in global trade, primarily through the supply of non-raw materials, to ensure domestic demand, and to further improve the quality of life of citizens."

Mishustin claims that "the measures taken by the government last year yielded good results." "They are visible in the dynamics of the gross domestic product and the positive changes that have occurred in many sectors," the Prime Minister stated.

Mishustin also noted that accelerating the influx of investment, transformation of the labor market, efficiency of the real sector, and quick development of infrastructure could help propel the Russian economy into the top four largest in the world by 2030. "By 2030, Russia should be one of the world's top four economies in terms of purchasing power parity. Of course, we must act quickly and in various directions," he said.

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