Page 42 - RusRPTOct23

Ministry expects that by the end of 2023 GDP growth will be 2.8%, and in 2024 it will reach 2.3%. After that the growth of the Russian economy will be slightly above 2% per year. Investment growth is expected to be 6% by the end of 2023 and the next three years - up to 3% per year.
Russia’s economic growth will exceed 2% by the end of 2023, the Finance Ministry reported citing Minister Anton SiluaNovember "By the end of the year economic growth will total more than 2%," the report said. Siluanov said in late August that Russia’s GDP growth might rise by 2.5% and higher in 2023.
Russia's gross domestic product (GDP) increase slowed down to 5% annually in July from 5.3% in June, the Economic Development Ministry said in a research note late on Wednesday. GDP rose by 0.5% annually in the period excluding seasonal factors. In January–July, the economy increased by 2.1%.
Russia's GDP 2Q2023 +4.9% y/y, ie the same as flash estimate. Some revisions to seas.adjusted q/q series.
2Q2023 +0.9%
1Q2023 +0.7%(0.7%)
4Q2022 +1.0%(+0.5%) 3Q2023 +1.0%(+0.7%) 2Q2023 -4.8%(-4.4%)
Already in December last year, Central Bank Governor Elvira Nabiullina warned that “the capacity to expand production in the Russian economy is largely limited by the labour market conditions”.
A survey conducted in July by the Gaidar Institute in Moscow found that 42% of enterprises surveyed complained of a lack of workers. It has been interpreted as a sign of desperation, Putin last week decreed that restrictions
42 RUSSIA Country Report October 2023 www.intellinews.com