Putin declares Russian economy has escaped recession

The period of economic recession in Russia is over, GDP growth speaks for itself, Russian President Vladimir Putin said at a meeting with representatives of the business community.

President Putin declared that the Russian economy has come out of recession.

"We see that from January to November this year, according to the assessment of the Ministry of Economic Development, GDP grew at 1.4%," - the President said, emphasizing that "the trend is clearly moving forward."

Mr. Putin noted the fact that economic growth slowed down in the fourth quarter. "We understand together why there was such a decline, it was due to a decrease in the volume of industrial production, but overall the trend is very hopeful," - Mr. Putin said.

He also listed signs that the economy has overcome the recession. "The development of trade and consumer demand, which started in September, is growing by about 3% compared to last year, there is a steady increase in transport, which recently was about 6%, the demand for labor is increasing, the unemployment rate is decreasing," - said the head of Russia.

According to Sputnik