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Non-oil and gas export plays major role in formation of Russia’s sovereignty globally

According to the Russian Economic Development Ministry’s macroeconomic forecast, Russian export will recover due to new supply chains and friendly countries in 2024, though it will hardly recover the loss of 2023

MOSCOW, May 8. /TASS/. Russia’s non-oil and gas export will be playing a major role in the formation of the country’s sovereignty and as the national economy becomes the world’s fourth-biggest in terms of purchasing power parity, acting First Deputy Prime Minister Andrey Belousov said.

"Non-oil and gas export plays a major role and will be playing both from the viewpoint of contribution to reaching the fourth place globally [of GDP growth] and from the viewpoint of Russia’s sovereignty," he said.

According to the Russian Economic Development Ministry’s macroeconomic forecast, Russian export will recover due to new supply chains and friendly countries in 2024, though it will hardly recover the loss of 2023. Russia’s trade balance surplus will continue decreasing and it is expected to equal 5.2% of GDP in 2024 after 5.9% in 2023 and 13.7% of GDP in 2022. Meanwhile, export in the oil and gas sector will lose 2.33% to $222 bln in 2024, after which this indicator will rise, reaching $226.2 bln in 2025, and $232.3 bln in 2026.

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