Russian economy becoming more sustainable – Putin

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Currently, 90% of the country’s growth comes from non-resource-based industries, according to the president

The Russian economy is becoming more complex and technologically advanced and less based on natural resources, President Vladimir Putin said on Thursday in a key annual speech to the Federal Assembly, the country’s national legislature.

The country’s non-resource-based exports should increase by two-thirds over the next six years, according to the head of state.

“Today, the share of non-resource industries in the structure of growth [of the economy] comfortably exceeds 90%, which means the economy is becoming … much more sustainable,” Putin stated. “Today Russia is the largest economy in Europe in terms of gross domestic product at purchasing power parity and the fifth largest in the world,” he said.

The Russian president set the goal of increasing the share of domestically produced high-tech goods by 1.5 times by 2030. It is important to increase the production of consumer goods, medicines, vehicles, as well as other products, he stressed. Also, by 2030, Russia should be among the 25 leading countries in terms of the number of industrial robots, Putin concluded.

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