Russian economy ended on positive note in 2012: Putin

Updated: 2013-01-16 22:33


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MOSCOW - The Russian economy finished 2012 on a positive note, President Vladimir Putin said Wednesday.

"The preliminary results look comparatively satisfactory," he said at a Kremlin meeting.

The Ministry for Economic Development recently estimated that the Russian economy grew 3.5 percent from January to November, with a low unemployment rate at 5.4 percent, Putin said.

He also mentioned the deficit-free budget, moderate inflation of 6.6 percent, wage growth of 8.8 percent as signs of economic recovery.

However, Putin warned of the negative effects of the eurozone crisis on the Russian economy, with industry, agriculture and financial sectors bearing the brunt.

"Difficulties in Europe as a whole affected global economy, including BRICS countries, including us," he said.

Favorable conditions should be created to attract more investors, the Russian leader said, adding that investments must be channeled first to infrastructure.

Russia's GDP grew 4.2 percent in 2011, the third-highest growth rate among leading economies.