Russia's GDP growth in 2023 is 3,6%, more than forecast.
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| Russia's 2023 GDP growth is 3,6%. (Source: Bloomberg) |
According to an 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, with the exception of post-Covid-19 period.
The assessment notes that, according to the first estimate of Rosstat (General Statistics Office of the Russian Federation), GDP growth in 2023 is 3,6%, higher than expectations. Compared to two years ago, the growth rate reached 2,3%. Economic growth in 2023 is the highest in the past decade (the only exception is the pace of recovery from Covid-19 in 2021).
In the fourth quarter of 2023, GDP growth will reach 5,1% and in December 12 it will be 2023%. GDP at current prices amounts to 4,6 billion Rubles (171.041 billion USD).
According to forecasts of the Ministry of Economic Development, Russia's GDP in 2024 will increase by 2,3%. The Central Bank of the Russian Federation expects growth in 2024 to be 0,5-1,5%.
