GDP growth may exceed 1.2% in 2023 – Kommersant

Russia’s GDP growth may slightly exceed the official forecast of 1.2% if current trends continue. This was announced by the head of the Ministry of Economy Maxim Reshetnikov at the international economic forum “Russia – the Islamic world: KazanForum”.

“Today, we expect the economy to grow by 1.2%. But the data of the first quarter suggests that if the trends continue, then we will probably even see a little more (growth in 2023.— “b”),” said Mr. Reshetnikov (quoted from “Interfax”). The Minister recalled the statistics of Rosstat, according to which the decline in GDP in the first quarter amounted to 1.9%. These data were better than the estimates of the Ministry of Economy (2.1%) and the Central Bank (2.3%).

“It turned out to be significantly lower than the estimates of economic departments, including our ministry,” Maxim Reshetnikov commented on Rosstat’s assessment. The Bank of Russia in the II quarter of this year predicts the growth of Russia’s GDP by 4.2% in annual terms. In the fourth quarter of 2022, GDP decreased by 2.7% in annual terms, in general, for 2022, GDP decreased by 2.1%. The official forecast of the Ministry of Economy for GDP growth in the Russian Federation in 2023 is 1.2%.

According to the ministry’s data from the beginning of May, the decline in GDP in the first quarter of 2023 amounted to 2.2% in annual terms, the decline in March decreased to 1.1% in annual terms. According to the forecast of the Central Bank, the development of the economy in 2023 will be influenced by domestic demand.

Read more in the publication “Kommersant” “Fell, woke up – growth.”

Maria Fedotova