Russia’s GDP grew by 3.6% in 2023 – Kommersant
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Russia’s GDP grew by 3.6% in 2023, according to statistics from Rosstat (.pdf). The figure turned out to be higher than the estimate of the Ministry of Economic Development, which predicted growth at 3.5%. According to Rosstat’s first estimate, the nominal volume of GDP last year amounted to 171.04 trillion rubles.
According to Rosstat materials, GDP growth in 2023 was significantly influenced by an increase in gross value added indices in the following industries:
- activities of hotels and catering establishments – +10%;
- activities in the field of information and communications – +10%;
- financial and insurance activities – +8.6%;
- administrative activities and related additional services – +7.8%;
- wholesale retail trade – + 7.3%;
- manufacturing industries – +7%;
- construction – +7%.
Rosstat recorded a decrease in added value in 2023 in the field of mining (-2%), in the field of healthcare and social services (-0.4%), in the field of water supply, sanitation, and waste management (-3%).
The share of gross capital formation in the structure of GDP use has increased to 27% in 2023 versus 22.5% a year earlier. Expenditures on final consumption also increased – up to 68.7% versus 64.9% in 2022. At the same time, the contribution of net exports (exports minus imports) in the use of GDP decreased significantly – from 12.6% in 2022 to 4.3% in 2023.
According to the September forecast of the Ministry of Economic Development, Russia’s GDP will grow by 2.3% in 2024. At the same time, the Bank of Russia expects an increase of only 0.5-1.5%. By assessment According to the International Monetary Fund, this year the Russian economy will grow by 2.6%, the World Bank – by 1.3%.
Read more about the dynamics of Russia’s GDP in the Kommersant article. “Half a percent to grow”.
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