Rosstat: Russia’s GDP growth accelerated to 5.5% in the third quarter
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The Russian economy grew by 5.5% in annual terms in the third quarter, as follows from the preliminary assessments Rosstat. The Ministry of Energy and the Bank of Russia previously estimated GDP growth at 5.2% and 5.1%, respectively.
The indicator previously decreased by 1.8% in the first quarter and increased by 4.9% in the second quarter. The preliminary assessment of the statistical agency is based on operational statistical reporting of large and medium-sized enterprises in the non-financial sector of the country’s economy.
When calculating the GDP physical volume index, Rosstat used industry statistics indicators, which showed, in particular, an increase in wholesale trade turnover by 22.9%, and retail trade turnover by 11.3%. Manufacturing industries showed an increase of 10.2%, the construction industry – by 8%, passenger turnover – by 6.3%, and agriculture – by 4%. Water supply, sanitation, organization of waste collection and disposal increased by 3.4%.
The estimate is based on the production method, which represents the sum of gross value added of all industries or institutional sectors at basic prices and net taxes on products.
On September 27, the Bank of Russia raised its forecast for the country’s GDP growth in 2023 from 1.5-2.2% to 2.2-2.7%. The regulator pointed to the acceleration of economic activity growth. Due to high domestic demand, the upward deviation of the economy from the balanced growth trajectory increases, which, in turn, increases persistent inflationary pressure. The strong growth in domestic demand is driven by expanding private demand coupled with strong government demand and “expected further increases in fiscal stimulus.”
On September 22, during a government meeting, Minister of Economic Development Maxim Reshetnikov said that Russian GDP growth in 2023 will be 2.8%, in 2024 – 2.3%. Going forward, the growth forecast is just over 2% per year. November 10th he reportedthat the country’s economy will grow by 3% by the end of 2023.
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