According to the latest figures, Russian President Vladimir Putin said on the occasion of a meeting on economic issues at the Kremlin that the country’s GDP declined by 0.2 percent in 2016 “which is better than we initially expected,” he said while industrial output increased by 1.1 percent. The same happened for inflation that hit record-low levels last year at just 5.4 percent.
With growing business activity and increasing business confidence, Poutine assessed that the Russian economy is now enjoying a positive economic momentum in spite of ongoing economic sanctions enforced by the West. In matters of economic policy, the Kremlin will continue to prioritize the development of both industrial production and agriculture with a view to increasing real incomes.
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