Russia’s GDP grew by 1.6% in the first half of the year
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The growth of Russia’s GDP in the first half of 2023 amounted to 1.6%, follows from the Rosstat report “The Socio-Economic Situation in Russia”. In mid-August, Rosstat gave a preliminary estimate of GDP for the second quarter, which resulted in an increase of 4.9%.
The Ministry of Economic Development in its review “On the Current Situation” estimated GDP growth in January-July at 2.1% – earlier the department estimated growth at 1.4%.
It is noted that in July 2023, seasonally adjusted GDP growth accelerated to +0.5% m/m SA after rising +0.1% m/m SA a month earlier. In annual terms, GDP exceeded the level of the previous year by +5.0% y/y (+5.7% y/y in June), and the level two years ago by +0.8% (+0.3% in June). In general, for 7 months of 2023, GDP grew by +2.1% yoy (+1.6% yoy for the first half of 2023).
In mid-August, Rosstat gave a preliminary estimate of GDP for the second quarter, which resulted in an increase of 4.9%. The Ministry of Economic Development estimated the increase in GDP in the II quarter at 4.6%.
On July 5, Russian Prime Minister Mikhail Mishustin declaredthat the country’s GDP by the end of 2023 may grow by more than 2%, if “there are no force majeure circumstances.” Russian President Vladimir declaredthat the growth rate of the Russian economy this year accelerated from month to month, so we can assume that in 2023 growth will completely cover last year’s decline.
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