Meeting on economic issues

The meeting was attended by Prime Minister Mikhail Mishustin Mishustin MikhailPrime Minister of the Russian Federation , Chief of Staff of the Presidential Executive Office Anton Vaino Vaino AntonChief of Staff of the Presidential Executive Office , First Deputy Prime Minister Denis Manturov Manturov DenisFirst Deputy Prime Minister of the Government of the Russian Federation , Deputy Prime Minister - Chief of the Government Staff Dmitry Grigorenko Grigorenko DmitryDeputy Prime Minister of the Government of the Russian Federation - Chief of the Government Staff of the Russian Federation , deputy prime ministers Tatyana Golikova Golikova TatyanaDeputy Prime Minister of the Government of the Russian Federation , Alexander Novak Novak AlexanderDeputy Prime Minister of the Government of the Russian Federation , Marat Khusnullin Khusnullin MaratDeputy Prime Minister of the Government of the Russian Federation , Deputy Chief of Staff of the Presidential Executive Office Maxim Oreshkin Oreshkin MaximDeputy Chief of Staff of the Presidential Executive Office (via videoconference), Minister of Economic Development Maxim Reshetnikov Reshetnikov MaximMinister of Economic Development of the Russian Federation , Minister of Finance Anton Siluanov Siluanov AntonMinister of Finance of the Russian Federation , and Governor of the Central Bank Elvira Nabiullina Nabiullina ElviraGovernor of the Central Bank of the Russian Federation (Bank of Russia) .

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President of Russia Vladimir Putin: Colleagues, good afternoon,

Today, we will hold our first meeting this year to discuss economic issues.

In this context, I suggest we examine some interim results of the domestic economy's performance over the past year. We will discuss forecasts, development trends in light of current factors and challenges, alongside the situation in both domestic and international markets. Naturally, we will also conduct a detailed analysis of the mechanisms for achieving our economic objectives, supporting the growth essential for the nation's confident and dynamic progress.

I would note that Russia's GDP grew by one percent last year. This is lower than the growth rates observed earlier - 4.1 percent in 2023 and 4.3 percent in 2024 - as we are well aware.

However, we also understand that this slowdown was not only anticipated - it could even be described as deliberate, stemming from targeted measures to curb inflation. While price growth stood at 9.5 percent in 2024, this figure was reduced to 5.6 percent by the end of last year.

We all recognise the critical importance of moderate and predictable price dynamics for the well-being of Russian families, for the operation of enterprises and organisations, for public finances, and for the investment process and planning.

At the beginning of this year, inflation has, admittedly, accelerated slightly. As of January 26, it stood at 6.4 percent year-on-year. This was also expected, partly due to adjustments in the tax system, particularly the increase in VAT. According to assessments by both the Government and the Central Bank - that is, by your own estimates, colleagues - the impact of these changes on prices will be short-lived.

To be continued.