Economy Ministry reports 5.3% increase in Russian GDP in June – Kommersant
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Russia’s GDP for the first half of 2023 grew in annual terms by 1.4%, for the second quarter – by 4.6% after a decrease of 1.8% in the first quarter, in June – by 5.3% after an increase of 5. 4% in May. Inflation in June amounted to 3.3% in annual terms, and the unemployment rate reached a new historical low and formed at the level of 3.1%, according to the Ministry of Economy in a review (.pdf) “On the Current Situation in the Economy”.
According to the ministry, industrial production grew by 2.6% year-on-year in the first half of the year. In June, the growth of production in annual terms amounted to 6.5%.
IN manufacturing industry according to the results of the first half of the year, the Ministry of Economy records growth of 6.2% year-on-year. In June, this indicator increased by 13.1% in annual terms. The report says that the main contribution to the increase in the indicators of the manufacturing industry was made by mechanical engineering (+14.1% in the first half of the year yoy; +40.2% in June) and metallurgy (+11%; +17.7%).
Mining slowed down in the first half of the year by 1.2% in annual terms against the backdrop of a reduction in oil production, the ministry said. In June, the decline in production amounted to 1.7% yoy.
Scope of construction work grew by 9.2% year-on-year in the first half of the year, and by 10% in June. Wholesale volume grew in the first half of the year by 0.4%, in June – by 18.8%.
Agriculture showed growth of 2.9% in the first half of the year in annual terms, in June the sector grew by 2.6% yoy. Freight transport (excluding pipeline) for the first six months grew by 1.8%, in June the growth was also 1.8%.
In its monetary policy report, the Bank of Russia said that in July the Russian economy recovered to the level of the end of 2021 in terms of most indicators, including consumption levels. The regulator argues that a faster-than-expected economic recovery is observed in all sectors, a recovery in lending is also in the corporate sector, and the impact on the restoration of fiscal stimulus in the future is rather exaggerated.
More details – in the material “Kommersant” “It was summer”.
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