Russia’s GDP growth in January-August reaches 2.5%

Russia’s GDP growth in January-August reaches 2.5% — Economic Development Ministry

Business & Economy September 27, 2023, 22:01

In the Q2 of 2023, Russia's GDP grew by 4.9% year-on-year, while in the Q1 there was a decrease of 1.8%

MOSCOW, September 27. /TASS/. Russia’s GDP growth for the first 8 months of 2023 amounted to 2.5% in annual terms, according to the Ministry of Economic Development.

In August 2023, Russian GDP growth accelerated to 5.2% against 5.1% in July. However, excluding seasonal factors, the growth was only 0.4% after an increase of 0.6% a month earlier.

In the Q2 of 2023, Russia's GDP grew by 4.9% year-on-year, while in the Q1 there was a decrease of 1.8%.

According to the updated forecast of socio-economic development of the Russian Federation, Russia's GDP growth in 2023 is expected to be 2.8%, in 2024-2025 - 2.3%, by 2026 - 2.2%.