The Ministry of Economy reported 5.2% GDP growth in August – Kommersant
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Russia’s GDP growth in August amounted to 5.2% year-on-year. This is stated in review Ministry “On the current situation in the economy.” The document was published on the MiniEconomy website.
“According to the Russian Ministry of Economic Development, in August 2023, GDP exceeded the level of last year by 5.2% y/y (5.1% y/y in July), and the level of two years ago by 2.4% (by 0.9% in July). Overall, over the 8 months of 2023, GDP grew by 2.5% y/y (growth by 2.1% y/y over the 7 months of 2023). Excluding seasonal factors, GDP growth amounted to 0.4% m/m after growing by 0.6% m/m a month earlier (the previous estimate for July was 0.5 m/m), the review says.
According to the ministry’s calculations, from which the seasonal factor was excluded, in August GDP growth slowed to 0.4% from 0.6%. The ministry estimated economic growth in January-August at 2.5%.
The review by the Ministry of Economy also states that on September 8, Rosstat published the first estimate of GDP for the second quarter of 2023, which coincides with the preliminary estimate – growth of 4.9% year on year.
On September 22, the head of the Ministry of Economy, Maxim Reshetnikov, predicted the dollar exchange rate would be 94 rubles by the end of the year. In the next three years, according to Mr. Reshetnikov, a new equilibrium will be found at the level of 90–92 rubles. for American currency.
More details in the text “Kommersant” “Forecasts were checked against reality”.
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