The Accounts Chamber expects a decline in Russia’s GDP in the region of 1% in 2023

The decrease in Russia’s GDP next year will be about 1%, the auditor of the Accounts Chamber Dmitry Zaitsev, who also oversees the assessment of the macroeconomic forecast of the Ministry of Economy, told Vedomosti. This forecast, according to him, does not imply new stressful situations for the economy. “I think that the decline in GDP next year will be approximately, as predicted by the Ministry of Economic Development, about 1%. We will remain in these predicted figures if we do not have any stressful situations,” Zaitsev said. It is very difficult to calculate them, since they can be non-economic in nature, the auditor added.

According to the Ministry of Economic Development, the decline in the Russian economy in October slowed down to 4.4% y/y from 4.5% in September. In the III quarter, Russia’s GDP fell by 4% in annual terms after 4.1% in the II quarter, according to preliminary data from Rosstat. According to the results of the first quarter, the economy showed growth by 3.5%.