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Putin projects notable GDP growth in Q2 2023

It is reported that the highest GDP contraction last year was registered in June

© Sergei Bobylev/TASS

MOSCOW, March 16. /TASS/. Positive trends in the Russian economy are developing momentum, President Vladimir Putin said at the RSPP (Russian Union of Industrialists and Entrepreneurs) congress on Thursday, adding that the country’s GDP is expected to grow substantially in Q2.

"We see positive trends in the Russian economy gaining momentum and we also expect notable GDP growth in Q2 compared with last year’s level," he said.

The highest GDP contraction last year was registered in June, Putin noted. "I think [GDP contraction last June amounted to - TASS] 4.7%. The reasons are known: the sanctions war, unprecedented challenges in the global economy and trade and overall, in the system of international relations," he said, adding that despite those challenges the country’s economy shifted to growth in July 2022.

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