Rosstat announces full recovery of non-oil and gas GDP – Kommersant

Non-oil and gas GDP fully recovered in the first quarter of 2023, exceeding the level of the same period last year by 1.3%. About this at a meeting with Prime Minister Mikhail Mishustin informed head of Rosstat Sergey Galkin. He also said that the dynamics of GDP is improving for the third quarter in a row.

“Non-oil and gas GDP in the first quarter of 2023 fully recovered and exceeded the level of the first quarter of 2022 by 1.3%,” said Mr. Galkin. According to him, this means that the economy is structurally restructuring against the backdrop of sanctions pressure, having successfully adapted.

Although in the first quarter there is a decline in GDP by 1.8%, for the third quarter in a row, its improving dynamics is recorded, the head of Rosstat said. Investments in fixed assets showed a positive trend of 0.7%, manufacturing industries in the industry showed an increase of almost 3%, Sergey Galkin said.

In 2022, non-oil and gas GDP decreased by 2.7% after growing by 5.1% in 2021, its share in the total size of the economy has become the lowest since 2018 – 80.6%. In per capita terms, the decline in GDP in 2022 was the largest since the crisis year of 2009.

In 2023, non-oil and gas exports will recover due to the reorientation of supplies to friendly and neutral countries, reported Ministry of Economy.

Read more in the publication “Kommersant” “Deficiency recedes, but does not give up”.

Maria Fedotova