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FACTBOX: 'Soft landing' to counter inflation

Russia should "use opportunities opening" in the world economy to develop its production, export and trade ties, the president said

© Vyacheslav Prokofyev/Russian Presidential Press and Information Office/TASS

NOVO-OGAREVO, April 24. /TASS/. Growth of the national GDP will be slightly lower this year because it is required to keep macroeconomic indicators and counter inflation, Russian President Vladimir Putin said at the meeting on economic issues.

TASS has collected key statements of the head of state.

Situation in the global economy

The international economic situation is becoming "objectively more challenging" while commodity and financial markets are experiencing serious fluctuations because of intensified competition.

Russia should "use opportunities opening" in the world economy to develop its production, export and trade ties.

Russian economy and inflation

Russia should provide for "stable rates of economic growth with simultaneous reduction of inflation and low unemployment rate maintained." Statistical data of the start of this year "confirm importance and actuality of such approach."

Growth of the national GDP will be slightly lower this year but this is what authorities sought after. "We spoke about the so-called soft landing in order to preserve macroeconomic indicators and fight down inflation in the first instance."

Russian GDP grew by 1.9% on an annualized basis in January - February 2025. "The processing industry is growing more actively at the same time - plus 5% over the first two months of this year."

Inflation is still at a level above 10% in Russia. "It is important to achieve sustainable slowdown of price dynamics."

Lending

The credit portfolio of banks is declining from the year beginning. "During the first three months, the volume of ruble loans to the business at the balance of banks contracted by 680 bln rubles ($8.2 bln). The volume of loans extended to individuals declined by 192 bln rubles ($2.3 bln)."

Budget

The budget deficit stood at 2.2 trillion rubles ($26.5 bln) in January - March 2025 because of the increase of expenditures by 25%. This was done for the sake of timely actions to be done by all participants in the economic activity and for the rhythmic work until the end of the year.

Development

Russian developers are launching new projects less often. "This fact, let me say so, requires our special attention because the construction pace directly influence housing affordability for citizens and are definitely reflected in capacity utilization of related branches, from building materials production to furniture and domestic appliances output."

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