Russian economy grew by 1.4% in 1st half of 2023

17:49 - 3.08.2023

August 3, Fineko/abc.az. The Ministry of Economic Development of Russia has published data on the growth of the country's economy.

ABC.AZ reports that the Russian economy grew by 5.3% in June, in annual terms for the 1st half of the year (Jan-Jun) an increase of 1.4% was recorded.

GDP grew by 5.3% year-on-year in June after growing by 5.4% in May 2023. At that, excluding the seasonal factor, the growth was only 0.04%.
In the 2nd quarter of 2023, Russia's GDP grew by 4.6% versus Jan-Jun 2022. GDP fell by 1.8% in the 1st quarter.

Industrial production in the 1st half of the year grew by 2.6% against Jan-Jun 2022, and inflation in June was recorded at 3.6% year-on-year. 
According to Russia’s updated forecast of socio-economic growth, GDP growth is expected to reach 1.2% this year and 2% in 2024. Inflation in Russia this year is projected at 5.3%. 
According to the Central Bank of Russia, the Russian economy, which declined by 2.1% last year, is expected to grow by about 2% this year.