Russian authorities are noting positive economic trends whereas the results of 2016 were better than expected, President Vladimir Putin said at a meeting on economic issues on Friday.

“On the whole, we view positive dynamics in the economy,” he said, adding that last year’s main indicators “turned out better than expected.” “GDP contraction amounted to 0.2%, according to the latest estimates, despite worse projections, whereas industrial production increased 1.1%,” President said.

Putin recalled that last year the level of inflation in Russia was a record low – 5.4%, which was better than the forecasted figure (6% – 6.1%).

He has also requested the government to find ways to tackle inflation and spur production growth, as well as ensure the recovery of real income growth in the country.

“Now it is extremely important to find balanced solutions to ensure a further decline in inflation, the development of local production, industry, agriculture, which in its turn will facilitate the recovery of real income growth in Russia,” Putin said.

According to Putin, the recovery of real income growth is one of the key priorities for the state, including its economic and social policy.

“Business activity is reviving, the so-called business confidence index is rising. Obviously, it is necessary to back up all those trends and the positive sentiment of businesses and create predictable economic and financial environment for their operations,” President said.

Prime Minister Dmitry Medvedev, First Deputy Prime Minister Igor Shuvalov, Presidential aide Andrei Belousov, Minister of Industry and Trade Denis Manturov, Economic Development Minister Maxim Oreshkin, Finance Minister Anton Siluanov, Chairperson of the Russian Accounts Chamber Tatyana Golikova and Central Bank Chief Elvira Nabiullina were present at the meeting.