Mishustin announced GDP growth of 2.8% from January to September

According to preliminary estimates, Russia’s GDP grew by 2.8% in the nine months of 2023; in September, annual growth exceeded 5%. About it reported Russian Prime Minister Mikhail Mishustin at a meeting on economic issues.

According to Mishustin, by the middle of the year the economy had almost completely recovered to pre-crisis levels. Some decline still remains in the oil and gas sector. This area needs more time to reorient supplies and reach agreements with new customers and markets.

From January to September, the output of industrial goods increased by more than 3%. The driving force in this sector is the manufacturing industry, which showed growth of 7% from January to September. In the engineering industry the growth was over 22%. Together with the chemical and metallurgical industries, it accounts for almost 90% of the expansion of manufacturing output. From the beginning of the year to mid-October, non-oil and gas revenues increased by almost 30% compared to the same period in 2022.

The head of the Cabinet of Ministers noted that the period of adaptation to external challenges has largely passed. By the end of 2023, the Russian economy is expected to grow.

September 27 Bank of Russia raised forecast for the country’s GDP growth in 2023 from 1.5-2.2% to 2.2-2.7%. 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. At the end of August, Siluanov assumed that the Russian economy would grow by 2.5% or more at the end of the current year.