Page 40 - RusRPTNov23

3.0 Macro Economy
3.1 Macroeconomic overview
Rosstat published the dynamics of the components of GDP use, which complements the production picture disclosed earlier.
· The largest year-on-year growth was demonstrated by household consumption (+8.9%) and fixed capital formation (+12.8%), with the again negative contribution of net exports to GDP dynamics.
· Consumption growth in the government sector amounted to a moderate 1.9% y/y after an exceptional 13.5% y/y in 1Q’23.
For the third time this year, on October 26 the National Bank of Ukraine (NBU) has significantly improved its macroeconomic forecast for the current year 2023: it now expects economic growth of 4.9% with inflation falling to 5.8%.
Russia's GDP for the second quarter of 2023 amounted to RUB39 trillion 392.4bn rubles ($395bn) in current prices, according to the first estimate of the country’s GDP by the Federal Statistics Service (Rosstat). Earlier, the statistical service confirmed the preliminary estimate of Russian GDP growth in the second quarter of 2023 at 4.9% in annual terms. Compared to the first quarter of 2023, GDP grew by 8.6%. The growth in the physical volume of GDP was due to an increase in domestic final demand by 10.1% compared to the second quarter of 2022, with a decrease in net exports, Rosstat reported.
40 RUSSIA Country Report November 2023 www.intellinews.com