Based on preliminary estimates, Russia's GDP in January-October grew 3.2%, and business activity continued to grow - Mishustin

MOSCOW. Nov 30 (Interfax) - The growth of the Russian economy in January-October 2023 is estimated at 3.2%, and the main growth driver is still the manufacturing industry, Prime Minister Mikhail Mishustin said during a Russian government meeting on Thursday.

"The Russian economy continues to develop despite external challenges. According to preliminary estimates from the Ministry of Economic Development, in January-October, gross domestic product growth reached 3.2%," he said.

"The strongest dynamics were observed in the manufacturing industry, with growth at almost 7.5%," the Prime Minister said.

He noted that the positive dynamics in the economy were reflected in federal budget revenues: "Over nine months they were more than three percent more than forecasted values."

"The decrease in revenues from the oil and gas sector due to the reconfiguration of logistics was compensated for by the transfer of value-added and profit taxes, various excise taxes and other non-oil and gas payments, which was a consequence of increased business activity, the expansion of existing, and the launch of new domestic production projects," Mishustin said.

The day before, the Ministry of Economic Development published an estimate of GDP dynamics for October at a level of 5.0% in annual comparison. Taking this into account, the growth of the Russian economy in January-October was 3.2%. Excluding the seasonal factor, Russian GDP growth in October slowed to 0.3% from 0.5% in September, the ministry's calculations show.