Russian economic trajectory below expectations at start of year, further measures needed to restore growth - Putin
MOSCOW. April 15 (Interfax) - Russia's GDP fell 1.8% in January-February 2026, with industry and construction also in decline, President Vladimir Putin said at a meeting on economic issues.
The macroeconomic trajectory is below the expectations of analysts, the government and Central Bank and additional measures are needed to restore economic growth, he said.
"I think it is necessary to focus constantly on drafting specific measures to stimulate growth and the solutions needed to reverse the generally predictable trends that have emerged lately," Putin said.
"Statistics show that the economic dynamic has, unfortunately, been declining for two months in a row. Overall, GDP declined by 1.8% for January-February. Manufacturing and industrial output in general, as well as a key, systemically important sector like construction, have been in decline," he said.
"Yes, specialists mention calendar, weather, so-called seasonal factors among the reasons for the negative dynamics. I already spoke about this at the last meeting and we are well aware that January this year had two fewer working days than last year, and in February, there was one fewer. These are, of course, objective factors, but clearly they are by no means the only ones influencing business and investment activity in the country," Putin said.
"I expect to hear detailed reports today on the current economic situation and why the macroeconomic indicators trajectory is currently below expectations. Moreover, below the expectations not only of experts and analysts, but also the government's own forecasts and those of the Central Bank of Russia," he said.
"I await proposals on additional measures to restore the domestic economy's growth, support business initiatives and improve the employment structure in favor of sectors with more efficient jobs that generate high added value," he said.
Putin also said that despite the overall economic tendency, the unemployment rate remained low. "Currently, unemployment is 2.1%. This, among other things, indicates that our labor market is changing, and that flexible, platform-based employment is developing," he said.
These and other objectives are reflected in the plan for structural changes in the Russian economy, which the government drafted last year and has begun to implement. "Today, we will discuss how this plan is being carried out, and what might need to be adjusted, added, supplemented or strengthened, based on the real picture emerging at this time," Putin said.
