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Russian economy growing three times faster than eurozone — Novak

The Russian deputy prime minister noted that this year, despite ongoing uncertainty in the global economy, trade wars, and unprecedented sanctions pressure, the Russian economy has demonstrated resilience

MOSCOW, December 25. /TASS/. The Russian economy is growing three times faster than that of the eurozone, as reflected in GDP growth figures showing a 9.7% increase in Russia over the past three years compared with 3.1% in the eurozone, Russian Deputy Prime Minister Alexander Novak said.

In an interview with Rossiya-24 TV channel, Novak noted that this year, despite ongoing uncertainty in the global economy, trade wars, and unprecedented sanctions pressure, the Russian economy has demonstrated resilience.

"Over nine months, GDP growth amounted to 1%. This corresponds to the forecast trajectory of the Economic Development Ministry. If we look at the three-year period as a whole, growth totals 9.7%. <…> What does 9.7% mean when compared, for example, with the eurozone? Over three years, growth there amounts to just 3.1%, meaning the Russian economy is growing three times faster," the deputy prime minister emphasized.

He also outlined the main drivers of Russia’s economy, naming manufacturing, mechanical engineering, pharmaceutical production, as well as the manufacture of computers, software, and IT equipment. Novak noted that the creative industries are also expanding.

"These are sectors that generate high value added. This is very positive and indicates structural changes taking place in our economy," the deputy prime minister added.

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