MOSCOW, July 25. /TASS/. Russia's GDP growth rate has accelerated from month to month this year, and there is every reason to assume that growth will fully offset last year's decline in 2023, Russian President Vladimir Putin said on Tuesday

"For the entire 2022, GDP decreased by 2.1% and in January-May of 2023 it grew by 0.6$, and from month to month the pace accelerated: in May - up to 5.4%," he said.

"We expect GDP to grow by more than 2% by the end of the year," Putin said, adding that "this growth will completely offset last year's decline."

He noted that the Russian economy will continue to grow rapidly in the near future, according to a number of indicators. Putin emphasized that bank lending is one of the encouraging indications of corporate activity.

"As of July 1, preliminary data show that annual growth in ruble-denominated corporate loans exceeded 21%, while loans to individuals increased by 16.7%. Such lending figures suggest the expanding demands of businesses for raw materials, commodities, and equipment. Furthermore, people’s demand for final products is expanding, implying that the economy's and state budget revenues' high growth rates should be sustained in the future quarters," Putin stated.