MOSCOW, September 24. /TASS/. Economic Development Minister Maxim Reshetnikov, presenting Russia’s socioeconomic development forecast at a government meeting, described consumer demand as a key driver of economic growth and said it was expected to increase significantly, by 4.1%, in 2026. The minister also pointed to rising household incomes.

"Consumer demand remains a key driver of economic growth. This year, we expect it to increase significantly, by 4.1%. Consumer activity is supported by rising household incomes. The main sources of this growth are labor and entrepreneurial income, as well as the fulfillment of all social commitments. Real disposable incomes will increase by 0.8% in 2026 and 1.5% in 2027. By 2029, we expect their growth to accelerate to 2.8%," he said.

The minister added that, by sector, growth would be driven by industries focused on domestic demand.

"First and foremost, manufacturing, which will grow by around 3.5% annually. Pharmaceuticals and mechanical engineering, including railway and aircraft manufacturing and electronics production, will grow the fastest. Tourism, IT, and agriculture will also expand at above-average rates," he added.