The Ministry of Economy recorded an acceleration in the growth of the Russian economy in May. In this respect writer Kommersant newspaper.
According to the ministry, Russia’s GDP (gross domestic product) increased by 5.4% year-on-year in May from 3.4% in April. On a monthly basis, the economy expanded by 1.4% in May from 0.1% in April 2023. The Ministry of Economy announced that the biggest contribution to GDP growth comes from the manufacturing and construction sectors. In the January-May period of this year, the economic growth was 0.6% on an annual basis, the forecast figure was 1.2%.
Analysts of the Solid Numbers Telegram channel agreed with this assessment. According to them, construction and manufacturing, as well as wholesale trade, retail and agro-industrial sector, made the largest contribution to Russia’s GDP growth in May.
According to the Central Bank, in the second quarter of 2023, the economy will grow by 4.2% year-on-year after contracting 1.9% in the first quarter. Investment banks also expect significant growth in the Russian economy. Renaissance Capital has agreed that the Russian Federation’s GDP will increase by 2% by the end of 2023 and by up to 1.4% in 2024.
Finance Minister Anton Siluanov in an interview with CGTN in June estimated Possible growth of Russia’s GDP up to 1% by the end of 2023.
formerly Siluanov said about pessimists and optimists