ST. PETERSBURG, June 20. /TASS/. President of Russia Vladimir Putin described inflation as "the price for the country’s rapid economic growth," while emphasizing the strong performance of the industrial sector.
"Industrial output is expanding at an even faster pace than the country’s GDP. Last year, if I recall correctly, industry grew by around 7-7.2%. In the first quarter of this year, it was already at about 1.6-1.9%. Growth continues," the head of state stated during the plenary session of the St. Petersburg International Economic Forum (SPIEF).
"Yes, of course, inflation has become the price for such rapid economic expansion, which, for us, is a fairly high growth rate. The Central Bank and the government are taking the necessary measures in response, including those related to the key interest rate," he added.
The president also highlighted that economic growth in Russia is unfolding against the backdrop of a historically low unemployment rate. "All of this is happening while unemployment remains at a record low, currently at 2.3%," Putin added.
He stressed that Russia is making tangible progress and achieving a strong pace of economic growth. "It is evident that Russia is undoubtedly achieving solid momentum and progress in its economy. And if we strip out everything related to hydrocarbons, our growth would be even more substantial. Two years ago, it was 7.2%, and last year it was nearly 5%," Putin said.
About the forum
The St. Petersburg International Economic Forum (SPIEF) is taking place on June 18-21. This year, the event is held under the theme "Shared Values: The Foundation of Growth in a Multipolar World." Thematic zones such as the ‘Territory of Innovations’ and the national brand space ‘Buy Russian!’ will operate at the Forum.
The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, the Drug Security Forum, and the Roscongress Urban Hub discussion platform. As part of the cultural program, the Petersburg Seasons festival will be held, and the SPIEF Sports Games will take place.
The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its information partner.