FILE: Moscow, Russia - May 8, 2025 (CCTV - No access Chinese mainland)
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FILE: Russia - Date Unknown (CCTV - No access Chinese mainland)
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FILE: Blagoveshchensk, Amur Oblast, Russia - May 19, 2026 (CGTN – No access Chinese mainland)
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Russian President Vladimir Putin has identified launching a new investment cycle in industry, agriculture, services and housing as a key priority for the national economy during a meeting of the Council for Strategic Development and National Projects on Wednesday.

Putin noted that Russia's many export-oriented megaprojects in the chemical industry, metallurgy, mining and petrochemicals have already passed their peak investment phase, leading to a slowdown in capital investment growth.

"The overall economic dynamics are modest but positive. Gross domestic product (GDP) growth stands at about 1 percent. Moreover, in the first half of the year, the GDP grew by 0.6 percent, and in the second quarter, it reached 1.3 percent," he said.

While noting that Ukrainian attacks had not caused serious damage, Putin said logistics and storage infrastructure required restoration, including with the government's participation.

Russia's Deputy Prime Minister Alexander Novak noted despite the impact of international sanctions, Russia's real GDP has increased by more than 10 percent over the past three years.

During the period, Russia's economic growth structure has shifted. The share of net economic exports have fallen by nearly threefold, and the economy has in effect pivoted toward the domestic market. Investment accounted for 23.3 percent of the GDP in 2025, reaching its highest level in the past 15 years.

Novak told Putin at the meeting that Russia's sector-level economic structure has also undergone changes. Manufacturing has become the key growth driver, and its share climbed from 13 percent to almost 15 percent in 2025. For the first time, manufacturing output has consistently exceeded extractive-industry output by more than 1.5 times. The share of high-value-added industries grew from 15 percent to 18.4 percent.