Mishustin cited statistics from the Ministry of Economic Development. Photo: Alexander Astafiev/POOL/TASS
At the end of the year the Russian economy will grow, the period of adaptation to sanctions has passed. By the middle of this year, the economy had recovered to pre-crisis levels. This was announced by Prime Minister Mikhail Mishustin on Tuesday at a meeting on economic issues with members of the government.
Mishustin cited statistics from the Ministry of Economic Development: in nine months, GDP increased by 2.8%, in September the figure was almost double – more than 5% in annual terms. The production of industrial goods during this period increased by 3%,
in the manufacturing industry, production growth exceeded 7%, in the engineering industry – more than 22%.
According to Mishustin, double-digit growth rates are also observed in the production of computers, electronic and optical products, electrical equipment and furniture.
– Thanks to the increased supply of Russian products, budget revenues also increase, which is important for the implementation of many social programs. From the beginning of the year to mid-October, non-oil and gas revenue increased almost 30% compared to the same period in 2022, Mishustin said.
The decline persists only in the oil and gas sector. He, as the prime minister noted, needs more time to find new markets, because export routes have been built for decades.
Mishustin also noted that trade is growing. Retail turnover in 8 months grew more than 3.5% and wholesale turnover more than 6%. Exports to friendly countries also increased: their growth was 22%.
Mishustin described the labor market situation as stable. In August, the unemployment rate repeated its historic low of 3%. The Prime Minister instructed the government not to slow down the momentum of the economy and to respond quickly to new challenges.
Mishustin said he would discuss with the government the risks facing the Russian economy, but this part of the meeting took place behind closed doors.
