Inflation Below Forecast: Makarov Leads 2025 Macroeconomic Review Meeting

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Deputy Prime Minister Alexander Novak chaired a working meeting focused on the current economic situation in the country. The main macroeconomic indicators and trends in key sectors for the first 11 months of 2025 were at the center of the discussion.

The Ministry of Economic Development presented a detailed overview of industrial production dynamics, including the mining and manufacturing sectors, as well as construction performance. Special attention was given to the commissioning of residential, commercial, and industrial facilities, freight transportation volumes, agricultural sector status, GDP dynamics, and asset profitability.

In addition, the meeting participants examined the labor market situation, the state of retail trade, and consumer activity levels at the end of 2025. Results of monitoring the activities of systemically important enterprises for the period from January to October were presented, along with forecasts for investment activity in 2026. It was noted that annual inflation turned out to be lower than previously forecasted values.

Alexander Novak instructed relevant ministries to prepare specific proposals aimed at improving the efficiency of work in certain areas of economic development.