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Real wages increased by 4.2%, inflation will not exceed 5%: what was discussed at the evening meeting between Putin and Mishustin

Date: June 18, 2024 Time: 10:54:46

Photo: Alexander Kazakov / Press Service of the President of the Russian Federation / TASS

Vladimir Putin summoned Mikhail Mishustin to the Kremlin after midnight. The Prime Minister brought with him new statistics that illustrate the state of our economy. The figures turned out to be very optimistic and, as Mishustin assured Putin, they could be even better in the future.

So, this is how the prime minister pleased the president.

1. Russians’ real wages (income minus inflation, loans, utility and other mandatory payments) show steady growth. So, for 4 months of this year, real wages in Russia increased by 4.2%. And compared to April 2022, its growth was 10.4%.

Mishustin also noted that four-month nominal wage growth amounted to 11.4%. As the prime minister clarified, this indicates the recovery of the economy and the fact that the Russians began to receive more income.

2. Mishustin said that the government monitors price increases every day. A special tracking system has been created. First, the prices of basic foods are controlled.

– I have on my desk every morning in all price areas that are sensitive to citizens, there is information from three or four sources. This is Rosstat, this is the tax service, these are our respective analytical centers,” Mishustin said.

However, inflation forecasts are also very optimistic. Thus, at the beginning of July inflation was 3.4%. And at the end of the year it should not exceed 5%. At the same time, the government likes to refer to higher inflation in the European Union. According to the forecasts of the Europeans themselves, by the end of the year inflation in the eurozone will be 6%.

3. After European companies reduced their business in Russia, there was a possibility of a sharp increase in unemployment. However, it does not happened. The former foreign companies passed into the hands of Russian owners, and the staff of the companies remained. In addition, the government has introduced incentives for companies that do not reduce staff. In addition, recycling programs have been put in place.

As a result, unemployment in Russia is now at a record low: 3.1-3.2%.

4. GDP is also growing, although the mark was expected to be zero at best. According to Mishustin, by the end of the year, GDP growth should be above 2%, if there is no force majeure. According to him, for 5 months the increase was 0.6%, but if you compare it with May last year, then 5.4%.

The last official forecast from the Ministry of Economic Development was published in April. According to him, GDP growth this year was supposed to be 1.2%. The forecast will be reviewed in August. Mishustin did not write him off for good.

According to the prime minister, the manufacturing industry shows the best rates. It is she who is the engine of economic growth.

Mishustin also said that the wholesale trade in annual terms increased by 14.5%, the construction sector – by 13.5%. During the first half of the year, more than 1,400 small and medium-sized enterprises appeared in Russia.

“The results, at least for the moment, let’s say cautiously, are better than expected, better than forecast,” Putin said.

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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