Russia's GDP grows 1.9% year-on-year, manufacturing surges 5%

Russian President Vladimir Putin recently addressed the nation's economic performance, highlighting a year-on-year GDP growth rate of 1.9% for the period from January to February. This growth is particularly noteworthy as it reflects a more dynamic performance in the manufacturing sector, which saw a 5% increase during the same period. Putin emphasized the importance of leveraging global economic opportunities to enhance domestic production, trade relations, and exports, thereby strengthening the overall economic resilience of the country.

Putin's remarks came during an economic conference where he underscored the need for Russia to capitalize on favorable global economic conditions. He stated, "We must not only monitor these factors and predict their changes, but most importantly, utilize the opportunities that arise to develop domestic production, trade relations, and exports, and to enhance the overall strength of the domestic economy. This will enable us to achieve steady and positive development under any external conditions."

While the overall GDP growth rate for the year is expected to be slightly lower than the previous year, the current figures indicate a positive economic trajectory. The manufacturing sector's strong performance is a key contributor to this growth, highlighting the sector's resilience and potential for further expansion. Putin's comments suggest that despite external challenges, Russia's economy is showing signs of stability and growth, particularly in key industries.

Putin also stressed the importance of achieving a stable economic growth rate while reducing inflation and maintaining low unemployment. This balanced approach aims to ensure that Russia's economic development is sustainable and beneficial for its citizens. The focus on manufacturing and other key sectors underscores the government's commitment to fostering a robust and diversified economy.