President of Russia Vladimir Putin: Mr Manturov, I understand you wanted to address the current situation in the manufacturing industries, which have demonstrated strong performance through 2025. We recognise that a substantial share of this output comes from defence industry enterprises. I would also like to hear your assessment of developments in the space sector, particularly given the dual-use nature of these technologies.

Please, begin.

First Deputy Prime Minister Denis Manturov Manturov DenisFirst Deputy Prime Minister of the Government of the Russian Federation : Thank you, Mr President.

In line with the planned measures to cool the economy, growth in the manufacturing sector has remained positive. We concluded 2025 with growth of around 3 percent, with more precise figures expected in February following the release of official statistics. Performance varies significantly by industry: pharmaceuticals, medical equipment, and electronics are showing strong results, with growth exceeding 15 percent, while the chemical sector, including mineral fertilisers, recorded growth of more than 6 percent.

At the same time, we are observing a decline in the industries most sensitive to weakening demand. The Government is closely monitoring the situation at enterprises - often on a case-by-case basis - to provide targeted support and ensure their financial stability.

Credit is due to our companies, which have sustained strong investment activity despite challenging conditions. During the first three quarters of last year, investment in the manufacturing sector grew by 23 percent, amounting to roughly five trillion rubles. This growth is largely a result of coordinated efforts by the Government and businesses to implement national projects, which are underpinned by state support measures. These include, above all, special investment contracts, concessional loans from the Industrial Development Fund, support for research and development, and a cluster investment platform that subsidises loan interest rates. Together with existing mechanisms, these measures have enabled the steady launch of new production facilities, with 170 new projects initiated through the Industrial Development Fund alone in 2025.

Overall, nearly all implemented projects, especially those supported by the Industrial Development Fund, are aligned with the goals of achieving technological sovereignty and technological leadership set out in our national projects.

To be continued.