Russian GDP expected to grow 2.5%-2.8% in 2023 - Putin

MOSCOW. Sept 18 (Interfax) - The current economic situation in Russia is generally stable and balanced, with GDP growth of 2.5%-2.8% expected for the year, President Vladimir Putin said at a meeting on the federal budget for 2024 and the 2025-2026 planning period.

"I'll emphasize that the current economic situation is generally stable and balanced. I would like to say right away that the situation is much better than previous estimates and forecasts for a number of key indicators. Let me remind you that back in April, GDP growth for the current year was expected at 1.2%. Initially, some sort of drop was being depicted for us, but then the forecast was corrected - 1.2% was expected, but we have actually already exceeded this level, and by the end of the year, GDP growth could reach of 2.5%, maybe even more - 2.8%," Putin said.

"Consumer demand is trending up well. Industry is growing robustly, primarily due to manufacturing. Even despite the effect of last year's high base, capital investment continues to grow - up 12.6% year on year [in Q2 2023]," he said.

"In general, we can say that the stage of recovery of the Russian economy is complete. We have withstood absolutely unprecedented external pressure, the sanctions onslaught of some ruling elites in the so-called Western bloc - some ruling elites in individual countries that we call unfriendly. Russia's GDP has reached the level of 2021, and now it is important to create conditions for further stable and long-term development and now it is important now to create conditions for further stable and long-term development," he said.