MOSCOW, November 29. /TASS/. Russia’s GDP grew by 3.2% year-on-year in January-October and by 5% year-on-year in October, the Economic Development Ministry said in its review of the current situation in the national economy.

"According to the Economic Development Ministry, in October 2023, GDP exceeded the level of last year by 5% (5.6% in September), and the level of two years ago - by 1.8% (1.5% in September). With the exception of the seasonal factor GDP growth amounted to 0.3% after 0.5% a month earlier," the review notes.

"In general, over the 10 months of 2023, GDP grew by 3.2%, and by 1.1% compared to the level two years ago," the ministry says.

According to the ministry’s official forecast, this year, the country’s GDP is expected to grow by 2.8%. In November, Economic Development Minister Maxim Reshetnikov said that economic growth can be higher than forecast and exceed 3%.