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Russian statistical agency confirms last-year GDP growth estimate at 3.6%

The GDP growth in 2023 was observed from the second quarter of the last year, associated with a notable increase in the consumer demand of households against the relevant period of the last year

MOSCOW, April 5. /TASS/. The Russian Gross Domestic Product (GDP) stood at 3.6% in 2023, according to the second estimate of the Federal State Statistical Service (Rosstat).

Rosstat has therefore confirmed its first estimate.

The GDP in current prices amounted to 172.148 trillion rubles ($1.88 trillion). The GDP deflator index gained 7% against the last year.

Growth factors

According to Rosstat, GDP growth in 2023 was driven by the increase in indices of the physical volume of the added value in processing sectors (+6.9%), construction (+6.6%), wholesale and retail trade (+6.6%), transportation and storage (+3.2%), and in the hotel and restaurant sphere (+10%).

The increase of the domestic final demand by 8.9% against net exports contraction also influenced growth of the GDP physical volume.

The GDP growth in 2023 was observed from the second quarter of the last year, associated with a notable increase in the consumer demand of households against the relevant period of the last year.

Deflator index increase

GDP deflator index growth was influenced to the greatest degree by the rise in deflator indices of the gross added value in such sectors as wholesale and retail trade (+7.5%), transportation and storage (+14.3%), and finance and insurance (+22.78%).

GDP by revenue sources

In the 2023 GDP structure by revenue sources, the share of labor payment increased from 38.5% to 40.3% year on year. The share of net taxes on production and imports moved up annually from 7.7% to 8%, and the gross profit share contracted from 53.8% to 51.8%.

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