Putin declares Russia’s unemployment stays at record low
Date
11/6/2024 7:29:02 AM
(MENAFN) Russia's unemployment rate held steady at a record low of 2.4% in August, marking the third consecutive month at this historic level, President Vladimir Putin announced during a government meeting on economic matters. He also highlighted a significant reduction in youth unemployment, which has dropped to under 9%—a decline of more than 1 percentage point from the previous year.
According to Rosstat, Russia's state statistics agency, 1.8 million people aged 15 and older were unemployed in August, maintaining the lowest unemployment rate in the country's history, first reached in June 2024.
Putin reported that Russia's economy continues to grow, with industrial output increasing by 4.5% over the first eight months of the year. The manufacturing sector saw an 8.1% rise, and mechanical engineering surged by nearly 20%. However, the president acknowledged some economic imbalances caused by external sanctions and domestic structural challenges, including shortages in labor, technology, and logistics, which have affected consumer price trends.
Looking ahead, Putin projected Russia’s GDP growth for 2024 to reach 3.9%, surpassing the global average. The International Monetary Fund (IMF) forecasts global growth at 3.2% this year. The government has been tasked with addressing supply-side economic issues, boosting labor productivity, and launching new investment initiatives to support continued growth.
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