The Ministry of Energy reported that Russia’s GDP grew by 5.2% in August
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Russia’s GDP growth in August amounted to 5.2% in annual terms, should from the review of the Ministry of Economic Development “On the current situation in the economy.”
According to the ministry, in August GDP exceeded the level of two years ago by 2.4%, while in July growth was 0.9%. In the eight months of 2023, GDP increased by 2.5% compared to the same period last year.
“Excluding seasonal factors, GDP growth was +0.4% m/m SA after growth of +0.6% m/m SA a month earlier (previous estimate for July +0.5 m/m SA),” it says review.
It is also noted that industrial production accelerated growth in August – 5.4% y/y, and over eight months – by 3%. Output growth in the manufacturing sector accelerated to 10.3% year-on-year in the previous month, and by 6.6% since the beginning of the year.
On September 22, during a government meeting, Minister of Economic Development Maxim Reshetnikov statedthat Russia’s GDP growth in 2023 will be 2.8%, in 2024 – 2.3%. Going forward, the growth forecast is just over 2% per year. GDP in 2024 is expected to reach 180 trillion rubles, in 2025 – more than 190 trillion rubles, in 2026 – more than 202 trillion rubles. According to the minister, this is more than was included in the scenario, “an average of 9 trillion rubles. annually”.
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