Russian GDP grows 5.0% in Oct, 3.2% from Jan-Oct - Ministry

MOSCOW. Nov 30 (Interfax) - Russian GDP growth in October 2023 totaled 5.0% year-on-year after increases of 5.6% in September, 5.5% in August, 5.2% in July, 5.7% in June, 5.8% in May, and 3.6% in April, and decreases of 0.7% in March, 2.6% in February and 2.7% in January, Russia's Ministry of Economic Development said in its review, "On the Current Situation in the Economy," published on Wednesday.

The ministry estimates the growth of the Russian economy at 3.2% for the period from January through October 2023.

Excluding the seasonal factor, Russian GDP growth in October slowed to 0.3% from 0.5% in September, the ministry's calculations show.

"According to the Russian Ministry of Economic Development, in October 2023, GDP exceeded the level of last year by 5.0% YoY (in September, 5.6% YoY), and the level of two years ago by 1.8% (1.5% in September). Excluding seasonal factors, GDP growth totaled 0.3% MoM after 0.5% MoM the previous month. Overall, over the 10 months of 2023, GDP grew 3.2% YoY, and 1.1% versus the level of two years ago," the ministry's report says.