Russia reveals projected economic growth for 2023

The country’s GDP will increase by more than 2%, the economy minister says

Russia’s economy is expected to grow by more than 2%, Minister of Economic Development Maksim Reshetnikov has said.

Reshetnikov told TASS news agency that the forecast is preliminary, noting that work on the final figures would be completed by the ministry later this month.

“It will definitely grow by more than 2%, but let’s wait for concrete figures. We are now at the stage of making a forecast. That is why everyone is interested, not only in the assessment of this year, but also in the assessment of the next few years,” the minister said.

The figure is in line with the latest projections issued by the Bank of Russia. In July, the regulator predicted that GDP would grow by up to 2.5% by the end of the current year.

Meanwhile, the International Monetary Fund said Russia’s GDP would increase by 1.5% in 2023, having upgraded previous forecasts of 0.7% issued in April, and 0.3% in January.

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The central bank of Russia had previously said the recovery phase of the Russian economy had ended, adding that GDP was expected to gradually increase going forward.

The regulator reported that, in the second quarter of the current year, the Russian economy saw a year-on-year increase by 4.8%. According to the Ministry of Economic Development, the economy added 4.6% from April through June compared to the same period a year ago.

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