The president said it was possible to keep inflation within 10 percent this year. According to Putin, "even this level is too high, but given the indicators of the past few years, it is feasible".

Putin emphasized that in 2003 an increase in revenues of the public had been owing to growth in the productivity of labor, and urged the government to preserve this positive tendency, Mayak radio reported.

In December 2003, Putin announced in a live question-and-answer session broadcasted by state television and radio companies that Russia’s economic growth would surpass 5 percent in 2004, excess revenues of the oil sector not taken into account, and the GDP growth could reach 6.9 percent in 2003 despite a preliminary forecast of a 5-percent increase. The volume of gold and currency reserves of the Russian Central Bank gained $20bn in 2003 and reached $70bn. According to information voiced by the president, revenues of Russian residents increased 11 percent and pensions rose 7 percent.

The task of doubling the GDP before 2010 was first voiced by the Russian president in his annual address to parliament in May 2003. Putin called this task one of the top priorities in Russia’s social and economic development.