Russia’s GDP experiences first growth in a year

In April, the Russian economy recorded growth for the first time in a year, as gross domestic product grew by 3.3% year-on-year after declining by 0.7% in March last year.

The report of the Ministry of Economic Development “On the current situation in the economy” states that “in annual terms, GDP exceeded the level of last year by 3.3% (minus 0.7% year on year in March).”

Gross domestic product rose 0.2 percent in April after rising 1.1 percent the previous month, the ministry said.

The Ministry of Economic Development predicts that Russia’s GDP growth in 2023 will be 1.2%. In mid-May, Minister Maxim Reshetnikov did not rule out that the growth could be slightly higher than the ministry’s expectations. According to First Deputy Prime Minister of Russia Andrei Belousov, Russia’s GDP growth in 2023 could reach 2%.

Source: TASS

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