Russian President Vladimir Putin says his country’s economy was making great strides economically.
Speaking at the St Petersburg Economic Forum, he said despite economic sanctions from Western countries, GDP rose for the third quarter in a row. In April it grew by 1.4 percent.
He added that sales of cars was increasing. The amount of people taking out mortgages was rising.
Putin said: “Today, our we are edging towards our inflation target of 4 percent. Investment has grown by 7 billion dollars and it has been our best achievement over the past three years.
“Investment is growing faster than GDP. That is another indicator that the economy is growing. We believe that our growth is faster than the rest of the world.”
Euronews brings you live coverage from the St. Petersburg International Economic Forum, a global event that sees business leaders, industry experts and several heads of state come together to discuss key economic issues facing Russia and the rest of the world.
During the day Russian President Vladimir Putin will speak alongside the leaders of India, Austria and Moldova during a session moderated by NBC’s new anchor Megyn Kelly.
Stay with us for a special coverage of the event as well as live expert analysis and reaction.