The Ministry of Economy has improved its estimate of GDP growth in 2023 to 3.5% – Kommersant

The Ministry of Economy has improved the estimate for Russian GDP growth in 2023 from 2.8% to 3.5%, said the head of the department, Maxim Reshetnikov. So he commented updated by Rosstat GDP estimates for 2021-2022. Rosstat softened its estimate of last year’s GDP decline to 1.2%.

According to the minister, the improvement in the assessment is “evidence of the stability of the economy”, as well as its adaptation to sanctions. “This confirms our ability to effectively adapt to any shocks… GDP in 2023, according to the Ministry of Economy based on statistics for 11 months, will be 3.5%, which is higher than our forecast,” added Mr. Reshetnikov (quoted by TASS).

According to the Ministry of Economy, in November, Russian GDP growth slowed to 4.4% in annual terms after 5.1% in October. Some slowdown in rapid growth is due to the Central Bank’s measures to cool the economy, a shortage of personnel, as well as rising costs and a reduction in import supplies.

Details – in the material “Kommersant” “A bit of a relaxed finish”.

Laura Keffer