sectors providing import substitution are growing monthly by 5–7% – Kommersant

First Deputy Prime Minister of Russia Andrei Belousov said that sectors of the Russian economy that ensure import substitution are growing by 5–7% monthly, reports TASS from the forum-exhibition “Russia”.

“The high dynamics of non-oil and gas income indicates, first of all, that our non-resource exports are developing quite quickly… We have a very high rate, I’ll tell you – 5-7% per month with seasonality removed, sectors that provide import substitution are growing,” – Mr. Belousov answered the question of what the acceleration of the growth of non-oil and gas revenues in the Russian Federation means.

The Deputy Prime Minister clarified that those providing import substitution include sectors related to the production of equipment, primarily mechanical engineering, as well as the production of temporary goods for the population.

According to the Russian Ministry of Finance, non-oil and gas revenues for the first nine months of 2023 reached 14.158 trillion rubles. and in annual terms grew by 26%. Oil and gas revenues, according to the Ministry of Finance, amounted to 5.575 trillion rubles. and decreased by 34.5% compared to the same period in 2022. Russian Prime Minister Mikhail Mishustin statedthat in 2024 Russia’s non-oil and gas revenues should be twice as high as oil and gas revenues and amount to 35 trillion rubles.

About the dynamics of the Russian economy – in the material “Kommersant” “Lack of capacity clouds production prospects”.