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Alexander Novak Chairs Meeting on the Current Economic Situation
11 March 2026
Deputy Prime Minister Alexander Novak chaired a meeting on the current economic situation, attended by Deputy Chief of Staff of the Presidential Administration [the executive body that supports and coordinates the work of the Russian presidency] Maxim Oreshkin, along with representatives of the Ministry of Economic Development, the Ministry of Industry and Trade, the Ministry of Construction, the Ministry of Labor, the Ministry of Transport, and the expert community.
At the meeting, the Ministry of Economic Development presented a detailed overview of trends in key macroeconomic indicators. The discussion covered trends in consumer activity, retail trade, and the labor market; the balance of nominal and real wages; the mortgage lending environment; and the rate of inflation. Key features of the federal budget were presented, as well as a comparative analysis of principal indicators for January 2025 and January 2026. Particular attention was paid to investment activity across various sectors.
The meeting also examined indicators for industrial and manufacturing output, the pace of development in construction, the commissioning of residential and non-residential floor space, and freight transport turnover.
The Deputy Prime Minister emphasized the need for careful and in-depth analysis of the evolving economic situation, taking into account the influence of external factors and the global environment more broadly. Relevant ministries were instructed to provide detailed assessments of the state of the automotive industry and the construction and building materials sector — covering demand and supply, product inventories, production capacity, and the import-export balance for each sector.