Russian GDP growth of 3% expected in 2023

Russian GDP growth in 2023 is expected to be 3%, which is higher than previous forecasts, Russian Economic Development Minister Maxim Reshetnikov said at a joint meeting of the boards of the Russian Economic Development Ministry and the Belarusian Economy Ministry in Brest, Azernews reports, citing Interfax.

"This year we expect the Russian economy to grow by 3%. These are very good figures, and better than our August estimates [2.8%]," he said.

The Economic Development Ministry has estimated that Russia's GDP grew 2.8% in January-September 2023, with a rise of 5.2% in annual terms in September.

The ministry in September raised its forecast for growth in the country's GDP to 2.8% in 2023. The Central Bank on October 27 raised its forecast for growth in the country's GDP to 2.2%-2.7% in 2023 from its previous outlook of 1.5%-2.5%.

Analysts told Interfax in a consensus forecast at the beginning of November that they thought the economy would grow 2.7% in 2023.