Russia's GDP could grow 3.2%-3.3% in 2023 - VEB.RF chief economist

Growth in Russia's GDP in 2023 could exceed the official forecasts of the Economic Development Ministry and the Central Bank of Russia (CBR) and reach 3.2%-3.3%, VEB.RF chief economist Andrei Klepach said in a statement, Azernews reports, citing Interfax.

"The macroeconomics have been rather pleasing this year especially, because the results have indeed been better than everyone had expected. [...] According to our estimate, growth in GDP this year should generally be somewhere around 3.2%-3.3%," Klepach said on Thursday during the plenary session at the Cities of Russia forum in Yekaterinburg.

Klepach added that growth in households' real incomes could be about 5% despite accelerating inflation.

As reported, the Economic Development Ministry has raised its estimate for growth in Russia's GDP to 2.9% in 9M 2023 from 2.8%.

The Economic Development Ministry's official forecast from September envisages Russia's GDP growing 2.8% in 2023. Meantime, Economic Development Minister Maxim Reshetnikov last week said that growth would exceed the estimate and be 3% in 2023.

The CBR at the end of October raised its forecast to 2.2%-2.7% from 1.5%-2.5% for growth in the indicator. Meantime, the CBR expects a slowdown in annual growth rates to 1% in the fourth quarter.