MOSCOW, May 30. /TASS/. Russia's GDP growth in the Q1 of 2023 amounted to 0.6%, similar rates are expected in the Q1, the Bank of Russia said on Tuesday.
"Based on preliminary data from Rosstat, GDP growth in the first quarter reached 0.6% q-o-q. Operational data indicate that a similar GDP growth rate would be maintained in the second quarter," the regulator said.
The Bank of Russia experts noted that the Russian economy remains on a growth trajectory, fueled by growing demand from the state, the population, and investments.
"The recovery in consumer demand has become a noticeable and growing trend in recent months. It is driven by growing demand for labor with a supply shortage, accelerating growth of real wages, increasing consumer confidence, and a declining anxiety, as well as savings made in previous quarters, when there was a high savings rate," the regulator's experts pointed out.
At the same time, the expert said that the expansion of output still limits external demand.