MOSCOW, June 28. /TASS/. Russia’s GDP grew by 5.4% in May in annual terms year-on-year, the Economic Development Ministry reported on Wednesday.

"According to estimations by the Russian Economic Development Ministry, de-seasonalized GDP growth amounted to 1.4% in May 2023 after 0.1% growth in the previous month. In annual terms GDP exceeded last year’s level by 5.4% (+3.4% in April), including the low base taken into account. The level registered two years ago was exceeded by 0.6%," the ministry said.

Manufacturing, wholesale trade and the construction sector were the main factors supporting the economy in May, the ministry explained.

According to a revised outlook on Russia’s social and economic development, the country’s GDP growth is expected at 1.2% this year and at 2% in 2024.

Economic Development Minister Maksim Reshetnikov said earlier this month that GDP growth rates would be probably higher in 2023 than the ministry’s forecast of 1.2%.