7 Dec 2023 18:25

Russia's Economic Development Ministry expects GDP growth of 3.5% in 2023, above current official forecast of 2.8% - Reshetnikov

MOSCOW. Dec 7 (Interfax) - Russia's Economic Development Ministry expects GDP growth of 3.5% in 2023, according to the latest estimates, though there will be no formal adjustment to the forecast, Economic Development Minister Maxim Reshetnikov told reporters on the sidelines of the VTB "Russia Calling!" investment forum.

"GDP growth of 3.5% this year is our current estimate. Naturally, we will not formally revise the forecast, as we are constantly rendering operating estimates. The forecast will also be prepared according to plan in the spring," Reshetnikov said about the Economic Development Ministry's current expectations for growth in the country's GDP in 2023.

President Vladimir Putin earlier at the forum had said that GDP could grow at least 3.5% in 2023.

As reported, the Economic Development Ministry has estimated growth of 3.2% in GDP in January-October 2023, including at 5% in annual terms in October.

The ministry's official forecast from September had assumed GDP growth of 2.8% in 2023.

The Central Bank of Russia (CBR) at the end of October raised its forecast for GDP growth to 2.2%-2.7% this year from the previous outlook of 1.5%-2.5%.

The consensus forecast of analysts surveyed by Interfax in early December suggests that the Russian economy should grow 3.2% in 2023.

The Economic Development Ministry expects Russia's GDP to grow 2.3% in 2024, the CBR projects GDP growth of only 0.5%-1.5%, and the Interfax consensus forecast of analysts, from early December, suggests growth of 1.2% in 2024.