Putin economic meeting 2026: Russia’s inflation, GDP, budget, wages and unemployment figures. Read the president’s key statements.
© Vyacheslav Prokofyev/Russian Presidential Press and Information Office
MOSCOW, September 17. Russia’s annual inflation has continued to slow, reaching 6.2% as of September 14, President Vladimir Putin said during the Putin economic meeting 2026 held on Thursday to discuss economic issues.
The Putin economic meeting 2026 focused on inflation, economic growth, federal budget revenues, the labor market and preparations for Russia’s 2027 federal budget. The Times of Russia has compiled the president’s key statements from the meeting.
Putin Economic Meeting 2026: Inflation
Putin said Russia’s annual inflation stood at 6.2% as of September 14, describing the figure as noticeably lower than last year’s level.
“Inflation is generally under control. It has been gradually declining since the second quarter of last year.”
The president also recalled that inflation was still in double digits during the first quarter of 2025, reaching 10.3%.
According to Putin, joint efforts by the Central Bank and the Russian government to reduce inflation are producing results.
“In other words, the efforts being made by both the Central Bank and the government of the Russian Federation in this area are clearly yielding results.”
GDP Growth Outlook
During the Putin economic meeting 2026, the president said Russia’s economic performance was broadly in line with expectations incorporated into the country’s budget projections.
He said GDP growth for the full year was expected to be around 1%.
“Economic dynamics in Russia are generally meeting our expectations. Estimates indicate that for the full year, gross domestic product growth will hover around 1%–roughly the forecast that was used when drawing up the budget projections for the current year.”
Federal Budget Surplus and Revenues
Putin said Russia’s federal budget recorded a surplus of 606 billion rubles in August, equivalent to around $7.17 billion.
“As for public finances, the federal budget ran a surplus in August, amounting to 606 billion rubles.”
The president also said Russia expects oil and gas revenues to increase in the coming months, which would provide an opportunity to replenish the National Wealth Fund.
“We expect budget revenues from oil and gas to increase in the coming months as well.”
Putin added that the National Wealth Fund is expected to grow.
“The National Wealth Fund will grow.”
Russia’s federal budget deficit is projected to be approximately 2%.
“According to preliminary estimates, the federal budget deficit is expected to be around 2%. And this is based on a very conservative estimate of oil price.”
Russia’s 2027 Federal Budget Plans
The Putin economic meeting 2026 also covered preparations for Russia’s upcoming federal budget.
Putin said the budget calculations are being based on an oil price of $50 per barrel.
“As agreed, we are forecasting it at around 50 dollars per barrel. This may look perhaps even ultra-conservative, but it is reliable.”
He said fulfilling the government’s social obligations, ensuring the safety of citizens and strengthening Russia’s defense capabilities must remain the absolute priorities for the 2027 federal budget.
“An absolute priority for the federal budget must be the fulfillment of the state’s social obligations, ensuring the safety of citizens, and strengthening Russia’s defense capabilities.”
Labor Market and Consumer Demand
The Putin economic meeting 2026 also highlighted developments in Russia’s labor market and household incomes.
Putin said labor market stability and rising household incomes were supporting consumer demand across the country. Retail sales increased by 5.4% during the first seven months of the year.
“The stable situation in the labor market and the growth of household incomes are reflected in consumer demand. Retail sales rose by 5.4% in the first seven months of this year.”
He also said wages had increased by 6.5% in real terms during the first half of the year.
“Wages are rising. In the first half of the year, there was a 6.5% increase in real terms.”
The president added that Russian companies and enterprises were operating steadily, citing the labor market as evidence.
“Domestic companies and enterprises are operating steadily. This is also evident from the situation in the labor market.”
Unemployment, Putin said, was close to a historic low at 2.3%.
“Unemployment is near historic lows at 2.3%,” the head of state noted.
Russia’s Economic Outlook
The Putin economic meeting 2026 presented a broad overview of Russia’s inflation, GDP growth, public finances, labor market and budget planning.
Putin said inflation had declined to 6.2% as of September 14, compared with 10.3% in the first quarter of 2025. He also put expected annual GDP growth at around 1%, while highlighting the August federal budget surplus, rising real wages, stronger retail sales and unemployment of 2.3%.
The Times of Russia will continue to follow developments surrounding Russia’s economy, federal budget planning, inflation and other major economic indicators.
