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Russia’s Economy Ministry announces completion of economic recovery and active growth

According to preliminary Rosstat estimates, GDP growth in the Q3 of 2023 will be 5.5% in annual terms, up from 4.9% in the previous quarter

MOSCOW, November 15. /TASS/. The Russian economy has passed its recovery stage and is now actively booming, Deputy Minister of Economic Development Polina Kryuchkova said.

"The Russian economy is expanding rapidly. Industries targeted at growing the supply-side economy remain the main economic drivers: manufacturing, construction, and agriculture. The economy is supported by increased consumer activity, which is ensured by the flexibility of the domestic labor market and the increase in population real cash incomes. Now that the recovery stage is ended, the objective is to maintain positive trends and assure future fundamental economic change," she said.

According to preliminary Rosstat estimates, GDP growth in the Q3 of 2023 will be 5.5% in annual terms, up from 4.9% in the previous quarter.

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