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Mr Gref briefed the President on the essential economic indices of the outgoing year. Inflation was at 15.1% in 2002, slightly above that forecast, while other economic indicators conformed to expectations. Gross domestic product grew by 4.1%.

The Minister told Mr Putin about the introduction of import quotas on some foodstuffs, especially meat, to protect Russian manufacturers from subsidised exports. Mr Putin called for careful action to prevent consumer price rises.