Mishustin announced Russian GDP growth in January-September by 2.8% – Kommersant

Russian Prime Minister Mikhail Mishustin said GDP growth in the first nine months of 2023 increased by 2.8%. According to him, the country’s economy had recovered to pre-crisis levels by the middle of this year.

“Based on the results of nine months, the increase in GDP was 2.8%. This is a preliminary assessment of the Ministry of Economic Development. If we take September separately, the growth rate was almost twice as high – more than 5% in annual terms,” Mr. Mishustin said at a meeting on economic issues (quote from “Interfax”).

He added that the economic downturn still persists in the oil and gas sector, since more time is needed to redirect supplies and find new buyers. Mikhail Mishustin clarified that coal production in September increased by 2% year-on-year, and the production of industrial goods by 3%.

In international trade, as the Prime Minister said, Russian exporters are “finding new footholds.” According to the Ministry of Economy, trade turnover with “friendly countries increased by 22%.” On October 27, the Bank of Russia raised the key rate to 15%, after which it changed the forecast for GDP. The Central Bank expects that in 2023 the economy will grow by 2.2–2.7%, in 2024 by 0.5–1.5%, in 2025 by 1.0–2.0%.

More details in the text “Kommersant” “Race with inflation”.

Petr Buzlaev