The share of the oil and gas sector in the Russian GDP in 2023 decreased to 16.5% – Kommersant

Rosstat presented the second assessment production and use of GDP in 2023, from which it follows that the Russian economy grew by 3.6% last year after contracting by 1.2% in 2022. In the fourth quarter of 2023, GDP growth was 4.9% in annual terms. The share of the oil and gas sector in GDP decreased from 18% in 2022 to 16.5%.

According to updated data from Rosstat, in the first quarter of last year, Russia’s GDP decreased by 1.6% in annual terms. The previous estimate put the figure at 1.8%. In the second quarter, GDP growth amounted to 5.1% (versus 4.9% previously), in the third quarter – 5.7% in annual terms (versus 5.5% previously). Russia’s GDP for 2023 at current prices amounted to 172 trillion 148.3 billion rubles. The GDP deflator index relative to 2021 prices was 107%.

From Rosstat materials it also follows that the share of wages in the structure of GDP in 2023 increased from 38.5% to 40.3%, the share of net taxes on production and imports – from 7.7% to 8.0%. However, the gross profit share fell from 53.8% to 51.8%.

According to the forecast of the Ministry of Economy, in 2024 GDP growth is expected to be 2.3%. According to Bank of Russia estimates, the country’s economy will grow by 1-2% this year. According to the results of the first quarter, Russia’s GDP growth, according to the regulator’s forecast, will be 4.3%.

Read more about Rosstat’s first assessment in Kommersant’s material. “GDP was taken out of reserves”.

Milena Kostereva