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The Minister reported on the economic development of the last two months. The industrial production rose by 5.7%, agricultural production by 1.4% and the real income of the population by 2.8%. Mr Gref stressed that there was recovery in economic growth after a certain decline. High oil prices, which stimulate investments in extractive industries and machine-building, were the recovery factor.

According to the Minister, capital investments rose by 8% in January compared to last January. The way things are going, the annual growth of capital investments is likely to be 6%. The iron and steel industry, electric power industry and oil and fuel complex have been growing rapidly. At the same time, there was a decline in food and light industries and machine-building.

The President praised the Ministry’s work and said that the meeting was “business-like, full of claims and criticism.” “We should not feel pessimistic about it, but we have to work hard. Moreover, we know what to do and when,” Mr Putin stressed.