Page 41 - RusRPTOct23

3.0 Macro Economy
3.1 Macroeconomic overview
Russia’s GDP growth equalled 1.6% in 1H 2023 in annual terms according to the preliminary estimates of Rosstat on August 31. In 1H 2022 Russia’s GDP contraction amounted to 0.9% compared with the same period in 2021. Earlier, Rosstat preliminarily estimated the country’s GDP growth in Q2 2023 at 4.9%.
Russia’s GDP grew by 2.1 y/y in January-July, Economic Development Minister Maxim Reshetnikov said on September 25. He was speaking at a plenary meeting in the Federation Council, upper house of the Russian parliament. The minister added that over six months investments grew by 7.6%. According to him, there is good dynamics in lending to businesses and individuals, while consumer demand is growing. The Economic Development
41 RUSSIA Country Report October 2023 www.intellinews.com