MOSCOW, August 19. /TASS/. The Russian economy has delivered GDP growth of 10% over the past three years despite external pressure, Russian Deputy Prime Minister Alexander Novak said at a meeting of the Council for Strategic Development and National Projects.
Russian Finance Minister Anton Siluanov, in turn, said that regional fiscal recovery measures would have a budgetary impact of 800 bln rubles ($9.43 bln) in 2027.
TASS has compiled the key statements on the economic situation in Russia.
Novak’s statements: structural changes in the economy
Novak said that Russia’s key task is to transition to a sustainable economic development model, and that the structural transformation plan is aimed at achieving this goal. The plan "envisages transforming the structure of the economy in such key areas as investment, the labor market, income and consumption, technological development, foreign trade, and formalization of the economy."
The deputy prime minister described "attracting additional investment to the stock market" as a separate priority: "We are creating conditions to encourage individuals to invest their funds in the stock market, as well as to promote more corporate offerings and equity financing as an alternative to costly borrowing. To this end, the government drafted and submitted to the State Duma this year a bill on investment partnerships, which has already passed its first reading."
"Over the past three years, Russia’s GDP has increased by more than 10% in real terms, representing growth of around 3.3% per year, above the global average," Novak stressed, adding that Russia is now the world’s fourth-largest economy in terms of purchasing power parity.
The Russian economy has shifted toward the domestic market, while the share of exports has declined, the deputy prime minister noted: "Over the past five years, the structure of economic growth has changed. In particular, the share of net exports in the economy has fallen almost threefold, and the economy has essentially shifted toward the domestic market." Novak also said that investment had increased, with its share "reaching 23.3% last year."
The Russian government is working on a strategy to platformize all sectors of the economy, with "special attention" being paid to consumer industries.
Tourism’s share of the Russian economy should rise to 5% by 2030, while the share of creative industries should increase to 6%, the deputy prime minister said: "And we are already seeing the share of these industries, their share in the economy, increase every year."
Novak described increased financing from domestic sources as the key structural shift in the Russian economy: "The key structural shift is that we have begun financing more investment from domestic sources, replacing external financing. At the same time, the share of intellectual assets in the investment structure has increased significantly to 7%, while the role of public investment has declined, with its share falling to 15.4%."
He also noted that the share of friendly countries in Russia’s foreign trade turnover has already reached 84%, while the use of national currencies in settlements has continued to grow.
Siluanov’s statements: regional fiscal recovery
The Russian Finance Ministry is proposing additional support for border regions "which currently have to bear additional expenses related to responding to the current situation," Siluanov said.
A bill to postpone the repayment of one-third of the regions’ outstanding budget loans from 2027-2029 to 2031-2033 "will be submitted in the fall." According to Siluanov, the measure will free up around 300 bln rubles ($3.54 bln) in regional budgets over three years, which can be used to support economic and social development.
According to Siluanov, the implementation of regional fiscal recovery programs will have a budgetary impact of more than 800 bln rubles ($9.43 bln) in 2027: "The implementation of measures under these programs should be taken into account when drafting regional budgets for the upcoming three-year period."
Regional budget revenues have also risen by 6% since the beginning of 2026 and reached more than 15 trillion rubles ($176.78 bln). The minister noted that both personal income tax and corporate profit tax receipts had increased. According to Siluanov, spending on wages, social support, procurement, and capital investment also rose.
The regions’ market debt has declined by 60 bln rubles ($707.13 mln) since the beginning of the year. Of Russia’s regions, 43 have no market debt, while "in another 24 regions, it amounts to less than 10% of own-source revenues."