Putin says steps taken to support Russian economy are working
Russian President Vladimir Putin said the government's measures to support the economy were producing results. The remarks came soon after data showed the Russian economy had contracted for the first time in three years. Mr Putin claimed industrial output and machinery exports to new markets were still expanding.
Russian President Vladimir Putin said the government's measures to support the economy were producing results. He highlighted industrial output and machinery exports, asserting that growth was continuing in new markets despite sanctions. The remarks, carried by Investing.com, came shortly after official data showed the Russian economy contracting for the first time in three years.
Mr Putin argued, in the face of doubts about the sustainability of the war economy, that the defence sector was drawing in new workers and lifting industrial capacity. The Kremlin is presenting its pivot of trade flows toward Asia, the Middle East and Latin America as a success.
Independent Russian economists, however, point out that inflation is creeping back into double-digit territory and that the ruble is again under pressure. The central bank has held its policy rate at a high level since the start of the year. EU and US plans to tighten the cap on Russian energy exports are adding further pressure on Moscow's revenues.
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