"I expect to hear detailed reports today on the current economic situation and why the trajectory of macroeconomic indicators is currently below expectations. Moreover, below the expectations of not only experts and analysts, but also the forecasts of the government itself and the central bank of Russia."
"An economic contraction would be the first since 2022, when Russia invaded Ukraine and was hit by Western sanctions that slashed energy exports."
"The Kremlin's budget deficit widened to $58.6 billion in the first quarter as oil tax revenue in March dropped by half compared to a year ago."
Putin publicly addressed concerns about Russia's economy, revealing a 1.8% GDP shrinkage in early 2023. He criticized negative trends in manufacturing, industrial production, and construction. The economic contraction marks the first since 2022, influenced by the war in Ukraine and Western sanctions. Despite previous GDP growth due to military spending, weak oil revenue and a widening budget deficit are pressing issues. The Kremlin's budget deficit reached $58.6 billion in the first quarter, exacerbated by a significant drop in oil tax revenue.
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