Deputy Minister Polina Kryuchkova announced that the recovery phase for the Russian economy following the sanctions shock has concluded, and the economy is now on a path of active growth. (TASS)
She attributed the principal drivers of expansion to the manufacturing sector, construction, and agriculture. Household spending has risen as real incomes increase, supported by a flexible labor market that adjusts to evolving conditions. (TASS)
“With the recovery phase behind us, the focus now is on cementing the gains and guiding the economy through structural adjustments,” Kryuchkova underscored. (TASS)
Preliminary data indicate that GDP expanded by 5.5 percent year over year in the third quarter, climbing from 4.9 percent in the second quarter. The deputy minister noted that these results prompted revisions to projections by major international organizations. (TASS)
In recent assessments, the European Commission significantly revised its outlook, lifting Russia’s 2023 GDP growth forecast to 2 percent from a prior anticipated contraction of 0.9 percent. The IMF likewise raised its forecast for Russia’s economic growth in the coming year to 0.3 percent, after predicting a 2.3 percent decline previously. (TASS)
Former First Deputy Prime Minister Andrei Belousov remarked on the successful disruption of the transport blockade affecting the Russian Federation, highlighting progress toward normalizing logistical channels. (TASS)