Russia's economy in 2023 to grow at highest rate in a decade, optimistic about GDP this year

Russia's GDP growth in 2023 is 3.6%, more than forecast.

Russia's GDP growth in 2023 is 3.6%. (Source: Bloomberg)

According to the assessment of the current situation of the Russian Federation's economy prepared by the Ministry of Economic Development, the country's economic growth in 2023 will reach its highest level in the past decade, except for the post-Covid-19 period.

The assessment notes that, according to the first estimates of Rosstat (the General Statistics Office of the Russian Federation), GDP growth in 2023 is 3.6%, higher than expected. Compared to the previous two years, the growth rate was 2.3%. Economic growth in 2023 is the highest in the past decade (the only exception is the recovery rate after Covid-19 in 2021).

GDP growth is forecast to reach 5.1% in the fourth quarter of 2023 and 4.6% in December 2023. GDP at current prices amounts to 171,041 billion rubles ($1,867 billion).

According to the forecast of the Ministry of Economic Development, Russia's GDP will increase by 2.3% in 2024. The Central Bank of the Russian Federation expects growth in 2024 to be 0.5-1.5%.

Source: https://baoquocte.vn/kinh-te-nga-nam-2023-tang-truong-cao-nhat-trong-mot-thap-ky-lac-quan-ve-gdp-nam-nay-260386.html