The Ministry of Economic Development clarified the estimate of the fall in GDP for ten months

The fall in Russia’s GDP in the period from January to October is estimated at 1.9% instead of the previously announced 2.1%, Economic Development Minister Maxim Reshetnikov said. write “RIA News”.

“We have an estimate based on the results of 10 months – a reduction (GDP – ed. RIA Novosti) by 1.9%,” Reshetnikov said during a speech at a meeting of the parliamentary assembly of the Union of Russia and Belarus.

The head of the Ministry of Economic Development explained that the increased integration of Russia and Belarus stimulated the growth of trade, and also helped mitigate the economic downturn and the effects of Western sanctions.

On November 30, according to the review of the Ministry of Economic Development “On the current situation in the Russian economy”, from January to October, a decrease in GDP amounted to 2.1%. According to the document, the agency still expects a 2.9% reduction in GDP. Such a forecast Reshetnikov confirmed on December 5th. Then he noted that the Russian economy “managed to withstand several waves of unilateral restrictions.”

In October, Reshetnikov declaredthat the forecast of the World Bank (WB), according to which the fall in GDP in Russia by the end of 2022 will be 4.5%, is too conservative and does not take into account the planned and ongoing government decisions to support the economy.

According to WB analysts, Russia’s GDP decrease by 4.5% in 2022 and by 3.6% in 2023. Among the most significant negative factors affecting the Russian economy, they identified sanctions, the exodus of foreign companies, the uncertainty of prospects and the fall in real incomes of the population, eroding consumer demand . In 2024, the economy may already return to growth, the WB believes.