The Kremlin Said The Economy Is Falling For The Sake Of "stability"

A strange thesis was voiced by Dmitry Peskov.

The Russian economy's first quarterly downturn in three years was "expected" and linked to measures to ensure "stability," Kremlin spokesman Dmitri Peskov declared on Thursday.

"This is an expected process. The expected process of cooling the economy has taken place, but it has its results. All this is in order to ensure macroeconomic stability, but a certain, let's say, decline can be, and it is," Peskov was quoted by Reuters.

"The government and the president are taking measures and developing decisions aimed at changing this negative trend to a trend of growth," Peskov added.

According to the Ministry of Economic Development, Russia's GDP shrank by 0.3% in January-March - for the first time since the first quarter of 2023 (then the economy sagged by 0.8%). Output in non-resource industries fell by 0.7%, construction fell by 10%, transport freight turnover fell by 3.4%, and wholesale trade turnover decreased by 0.5%.

The government forecasts Russian GDP growth of 1.3% this year - only slightly more than last year's result, when the economy slowed almost fivefold and added only 1%.

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