Siluanov allowed Russia’s GDP to grow by 1% at the end of the year
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By the end of 2023, Russia’s GDP may grow by 1%. This was announced by Finance Minister Anton Siluanov in an interview with CGTN.
“Russia is fully fulfilling its budgetary obligations. If we talk about the economy, then this year we expect growth within 1%, plus or minus,” he said (cit. according to TASS).
Siluanov also pointed to the positive dynamics in the growth of real incomes of the population, which will continue to increase in 2023.
At the end of May, the Ministry of Economic Development introduced review “On the current situation in the economy”, according to which Russia’s GDP growth in April amounted to 3.3% in annual terms after a decline of 0.7% in March and 2.6% in February. The positive dynamics is due to the low base in 2022, when the indicator decreased by 3%.
In April, Economic Development Minister Maxim Reshetnikov announced that the agency improved forecast for the Russian economy in 2023 from a decline of 0.8% (in the September forecast) to growth of 1.2%. The main contribution to economic growth, according to the minister, will be made by the recovery of consumer demand after the recession in 2022. The expected growth in household incomes will contribute to this, the minister noted.
At the end of April, the Bank of Russia improved the forecast for inflation and the rate of recovery of the Russian economy in 2023. The regulator now expects GDP growth of 0.5-2% for the year.
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