Russia's GDP growth expected to exceed 2%

Russia's gross domestic product (GDP) growth is expected to reach at least 2 per cent this year, Finance Minister Anton Siluanov said in an interview with TASS.

"The Ministry of Economic Development is now working on updating the macro forecast, it will form the basis of the budget for 2024-2026. We see that a number of figures look more optimistic than was originally budgeted. GDP growth is expected to be more than 2 per cent," the minister said.

According to the most recent forecast for Russia's socioeconomic development, Russia's GDP growth is predicted to be 1.2 per cent in 2023, and 2 per cent in 2024. During the SPIEF-2023 in mid-June, Russian Federation Minister of Economic Development Maxim Reshetnikov stated that GDP growth rates in 2023 are expected to be higher than the Ministry of Economic Development's announced forecast of 1.2 per cent.

"The forecast for annual consumer prices remains at 5.3 per cent, and real wages of the population are in the positive zone," Siluanov added.

Earlier, the International Monetary Fund (IMF) in its report on the prospects for the development of the world economy increased its forecast for Russia's GDP growth this year by 0.8 p.p. to 1.5 per cent, compared to its April statements.