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Russian Deputy PM Novak says economic situation under control

The official also instructed that the monitoring of key macroeconomic indicators continue

Russian Deputy Prime Minister Alexander Novak Dmitry Astakhov/POOL/TASS

Russian Deputy Prime Minister Alexander Novak

© Dmitry Astakhov/POOL/TASS

MOSCOW, July 7. /TASS/. The situation in Russia’s economy remains completely under control, said Russian Deputy Prime Minister Alexander Novak following a meeting on the current economic situation, according to a statement by the cabinet’s press service.

"Alexander Novak noted that the economic situation remains fully under control and instructed that the monitoring of key macroeconomic indicators continue, ensuring a timely response to external and internal challenges," the statement reads.

During the meeting, the latest Rosstat data for the first five months of 2026 and operational indicators for June were reviewed, including the situation in the consumer market, labor market trends, industrial output in key sectors, lending rates across economic sectors, and key federal budget parameters.

According to estimates by the Economic Development Ministry, GDP growth continued in May 2026, reaching 0.3%. For the first five months of 2026, the economy grew by 0.2%, matching the growth rate recorded for the first four months. Consumer activity continues to drive economic growth: the combined turnover of retail trade, paid services to the population, and food services for the January-May period rose by 4.5% compared to the same period last year.

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