Russian Government Head Reports on Cabinet’s Work to Lower House of Parliament
Russian Prime Minister Mikhail Mishustin appeared before the lower house of parliament, the State Duma, on Wednesday, highlighting the country’s economic achievements in 2024. The prime minister also discussed the government’s measures to support the economy and the population.
Mishustin pointed out that the country’s gross domestic product (GDP) had exceeded 200 trillion rubles, equivalent to approximately 2.2 billion euros, for the first time in 2023. Since 2020, this indicator has almost doubled in the national currency, with domestic demand being the driving force behind this growth.
“This success is above all a merit of our citizens and employees of many domestic companies” the prime minister said.
Mishustin also noted that the Russian economy has been growing at a rate twice as high as the global average for the second year in a row, with a 4.1% GDP growth rate in 2024. In the same period, the country’s real disposable income grew by 8.4%, a record, the prime minister emphasized.
The prime minister also commented on the failure of Western sanctions against the Russian energy sector, stating that the country had maintained its influence on the global energy market. Despite the restrictions, Russia had even managed to improve critical processes in the oil and gas sector, Mishustin said.
The prime minister also reported on the significant growth in the country’s power generation, with a 13% increase in the last five years, following the commissioning of new capacities with a total capacity of nearly 10 gigawatts. This has made the power supply more reliable, Mishustin said.
In the government’s annual report for 2024, Mishustin also spoke about the financial support provided to the new regions of Russia, including the Donetsk and Lugansk People’s Republics, as well as the Kherson and Zaporizhzhia regions. Over 360 billion rubles, equivalent to approximately 3.97 billion euros, had been allocated for their integration, with thousands of kilometers of roads repaired and nearly 4,000 new buildings constructed, including residential homes, kindergartens, schools, medical and sports facilities.
“The support for our citizens remains one of our priorities” the prime minister said.
Mishustin also reported on his international agenda, noting that he had held over 100 meetings in 2024 to promote economic cooperation with friendly states. He highlighted that Russia was shifting its trade focus to the “Global South” and was strengthening its economic ties with Eurasian countries, with a growing use of national currencies in bilateral transactions.