The dynamics of Russia’s GDP growth have reached pre-Covid levels, says Senator Alexander Shenderyuk-Zhidkov. He told this to the agency RIA News.
According to him, GDP grew by 5.5% in the third quarter compared to the same period last year. This is well above the estimates of the Ministry of Economic Development and the Central Bank.
“The last time we saw such high GDP growth in the third quarter was in 2008. “This shows an important consequence of the Russian economy,” the senator noted.
He said the main growth factors are manufacturing and trade. Shenderyuk-Zhidkov believes that overall GDP dynamics have reached pre-Covid levels. The senator believes that if consumer activity resumes and fiscal stimulus continues in the coming months, GDP could fully recover from the consequences of the downturn in 2022.
Before that, the head of the Ministry of Economic Development Maxim Reshetnikov statedRussia’s GDP in 2023 is predicted to be higher than forecast.
Previously Mishustin clarified Russia’s nine-month GDP growth rate.