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MER: Russia’s GDP increased by 5% on an annual basis in October

MOSCOW, November 29 – RIA Novosti. Russia’s GDP growth slowed to 5% year-on-year in October, following 5.6% in September; According to the Ministry of Economic Development’s analysis, GDP increased by 3.2% in the January-October period.About the current situation in the economy“.

“According to the Russian Ministry of Economic Development, in October 2023 GDP exceeded last year’s level by 5% on an annual basis (in September by 5.6% on an annual basis) and the level of two years ago by 1.8%. % (1.5% in September “. Excluding seasonal factors, GDP growth amounted to 0.3%, after 0.5% in the previous month. Overall, for the 10 months of 2023, GDP will be 3% on an annual basis, increased by 2.2% two years ago by 1.1%” – says the document.

On Wednesday, Rosstat reported that the Russian economy grew by 2.9% on an annual basis in the January-September period of this year.

According to the forecast of the Ministry of Economic Development, the GDP of the Russian Federation will grow by 2.8% this year. At the same time, Russian officials have recently expressed more optimistic forecasts, announcing that economic growth will be 3% or higher. The Ministry of Economic Development noted that the main drivers of the economy are manufacturing, construction and agriculture, as well as consumer demand.

According to the Central Bank’s forecast, the Russian economy will grow 2.2-2.7 percent this year and 0.5-1.5 percent in 2024.

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Source: Ria

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