GDP for April – June increased by 4.9%
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The volume of GDP in the second quarter of 2023 increased by 4.9% compared to the same period last year. This follows from the preliminary assessment of Rosstat – it is based on operational statistics generated on the reports of large and medium-sized enterprises in the non-financial sector. The figure will be updated on 8 September.
This is higher than the estimates of the Ministry of Economic Development, published on August 3. The agency estimated the increase in GDP in the II quarter at 4.6%.
According to sectoral reports, the largest growth was shown by enterprises from the sphere of passenger turnover (+19.8%), wholesale trade (+12.5%) and manufacturing (+11.3%). Companies from construction (+9.8%), retail trade (+9.0%), agriculture (+2.9%) and mining (+1.1%) also showed positive dynamics.
According to Rosstat, in the previous quarter, GDP at current prices amounted to 36 trillion rubles. Its volume compared to Q1 2022 was 1.8% lower (the index was 98.2%).
Earlier, Russian Prime Minister Mikhail Mishustin said that according to the results of the first half of the year, positive values were registered for all key economic indicators. Now it is important to maintain the pace of economic growth to ensure domestic demand primarily with domestic goods and services, developing a supply-side economy, the prime minister added.
At the end of July, Russian President Vladimir Putin said that the growth rate of the Russian economy this year was accelerating from month to month, so it can be assumed that in 2023 growth will completely cover last year’s decline. The authorities are counting on the growth of Russian GDP by more than 2% by the end of the year, the head of state noted.
On July 21, the Central Bank raised its forecast for Russia’s GDP growth to 1.5-2.5% after 0.5-2% in the spring forecast. The forecast was made taking into account new data on the dynamics of economic activity in the baseline scenario. According to the forecast, the GDP growth rate will be 1.5-2.5% in 2023, 0.5-2.5% in 2024, 1-2% in 2025.
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