Putin confirms expectations Russian GDP will grow 3.5% in 2023

MOSCOW. Dec 14 (Interfax) - Russian GDP growth in 2023 is expected to be 3.5%, President Vladimir Putin said, reviewing the year on live TV.

"GDP is the most important indicator of economic growth. [GDP growth of] 3.5% is expected for the year. This is a good result. It means we have recovered from last year's drop. I think then we had 2.1% [GDP decline in 2022]. If there is going to be plus 3.5 this year it means we have reversed the drop and taken a fairly big step forward," he said.

Putin said last week that Russian GDP growth in 2023 could be at least 3.5%.

Russia's Economic Development Ministry expects GDP growth of 3.5% in 2023, Economic Development Minister Maxim Reshetnikov said last week. The ministry's official forecast from September had assumed GDP growth of 2.8% in 2023.

The Central Bank of Russia 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.