MOSCOW: Inflation in Russia totaled 9.52% in 2024 but annual growth rates of this indicator are declining for the sixth month in a row, Rus...
MOSCOW: Inflation in Russia totaled 9.52% in 2024 but annual growth rates of this indicator are declining for the sixth month in a row, Russian Prime Minister Mikhail Mishustin said at the meeting with President Vladimir Putin.
The head of state tasked the government in his turn to achieve inflation deceleration in 2025.
TASS has gathered key statements from the meeting.
GDP
Russian GDP grew by 4.1% in 2024, above expectations, Mishustin reported to Putin. Its nominal size reached the all-time high figure of 200 trillion rubles, the prime minister noted.
The decline of GDP growth rates in European countries is purely their own problem but the root cause of this problem is clear, Putin said.
Inflation
Annual inflation growth rates are going down for the sixth month in a row, Mishustin said. This indicator is the main economic challenge for Russia; it totaled 9.52% in 2024.
The president tasked the government to achieve deceleration of inflation this year.
Support measures
The government should return to support measures under the sectoral principle, Putin said.
Incomes and unemployment
Real incomes of the population increased by 8.4%, the prime minister said. The unemployment rate in Russia was 2.5% in average and is 2.3% at present, Mishustin noted.
Economy
The national economy successfully coped with the unprecedented sanction pressure, Mishustin said.
Economic growth rates in Russia turned out to be higher than globally, in the US and other developed economies, Putin noted. The president stated the need to change the growth structure of the national economy, "create new plants and new jobs."
Mining sector
The decline in the mining sector was managed to be minimized to 0.9% by the end of 2024, the prime minister informed.
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