Russian President Vladimir Putin has said the Russian economy is coping well with Western sanctions and the situation has stabilized.
“Russia is confidently coping with external pressure, and in fact, one might say, with financial and technological aggression from some countries. The tactics of the economic blitzkrieg, the onslaught they were counting on, did not work – this is already obvious to everyone , and for them too,” Putin said.
The President said Russia’s GDP slowed down from 4.9% to 4.3% in July but the volume of industrial production decreased by only 0.5% after hitting 2.4% in June, while the construction sector grew by 6.6%.
Inflation, which peaked when the war started, was on receding trajectory, and the worse was behind. The unemployment rate also remained low.
Putin stressed that the Russian economy was able to cope well with Western sanctions because the state was able react promptly with a number of protective measures for key industries as well as small and medium-sized businesses. The objective was to preserve jobs and provide targeted assistance.
According to analysts, the Russian economy is still experiencing serious difficulties. But the Kremlin has said there will be further measures to stabilize the situation.