Putin says Russia's GDP declined 2.1% in January

Russia's gross domestic product (GDP) declined 2.1% in January, President Vladimir Putin said on Monday.

Speaking at a meeting with the government's economic bloc in Moscow, Putin pointed to weak macroeconomic indicators, with industrial production also falling by 0.8%.

"Frankly, there is nothing unexpected for us here, but statistics confirm this. In January of this year, Russia's GDP was 2.1% lower than a year ago. Industrial production decreased by 0.8%. True, mining output grew by 0.5%, and that was before the rise in global energy prices," he said.

At the same time, unemployment remained at a low level of 2.2%, while inflation stood at below 6% on an annual basis, he noted.

"It is necessary to return to a trajectory of sustainable economic growth, of course, with a slowdown in inflation -- I will also talk about this now -- and maintaining stability in the labor market."

Putin also advised oil and gas companies to consider using additional revenues from the rise in global hydrocarbon prices to reduce their debt burden and repay obligations to domestic banks.

"That would be a mature decision," he stressed.