Wednesday, July 5, 2023 20:12 (GMT+7)
(CPV) - The Russian economy is recovering steadily, with Gross Domestic Product (GDP) growth in the first five months of this year reaching 0.6%. The statement was made by Russian Prime Minister Mikhail Mishustin during a meeting with President Vladimir Putin on July 5.
Prime Minister Mishutin stressed that the Russian economy "remains stable and recovering despite sanctions. GDP growth in the first five months of this year reached 0.6%. In May alone, GDP increased by 5.4% compared to the same period in 2022."
The Russian Prime Minister said that, barring any unexpected events, the country's GDP growth for the whole of 2023 could be higher than 2% and consumer price inflation may not rise above 5% per year. At the meeting, Prime Minister Mishustin reported that the unemployment rate in Russia is at a historic low, at just over 3%.
Meanwhile, President Vladimir Putin said the current situation of the Russian economy is better than previously forecast. He stressed that this opens up optimistic signals for the completion of all set targets.
Last month, the World Bank said Russia's economy would continue to grow despite sanctions thanks to higher-than-expected energy revenues.
However, since Moscow launched a special military operation in Ukraine in late February 2023, the US and the West have imposed a series of sanctions targeting key Russian sectors, including finance - currency, energy, transportation and some other areas.
Sanctions have also hit Russia hard. Its key oil and gas revenue in the first five months of this year was nearly half what it was in the same period last year, due to low Urals crude prices and lower natural gas exports.
The International Monetary Fund (IMF) is among those predicting that Russia will have a larger budget deficit this year than in 2022. The IMF expects the Russian economy to grow by 0.7% this year./.
H.Ha (According to Xinhua, TASS)
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