Rosstat: Russia's GDP in 2023 grew by 3.6%. In 2022 (the first year of the war) it decreased by 1.2%

Russia's gross domestic product (GDP) grew by 3.6% in 2023, according to the first Rosstat estimates published on February 7. According to the statistics department, the GDP amounted to 171 trillion 41 billion rubles at current prices.

GDP growth in 2023 turned out to be higher than the estimate of the Ministry of Economic Development of the Russian Federation, which estimated growth at 3.5%. the same assessment on January 1 Russian President Vladimir Putin gave , citing government data. Also, Rosstat data turned out to be higher than the expectations of economists surveyed by Interfax at the end of December, who expected growth of 3.4%.

According to Rosstat, in 2023, the largest growth in gross value added was recorded in the area of ​​hotels and catering enterprises (an increase of 10%), in the field of information and communications (by 10%), in financial and insurance activities (by 8.6%) .

Minister of Economic Development of the Russian Federation Maxim Reshetnikov, commenting on the publication of Rosstat, said that the first assessment of Russian economic growth in 2023 “virtually coincided with our operational assessment,” Interfax writes.

In 2022, according to Rosstat, the Russian economy shrank by 1.2%. It grew 5.9% in 2021 and fell 2.7% in 2020.

• The military-industrial complex provided a significant part of the growth of the Russian economy in 2023. It was possible to increase output in the military-industrial complex thanks to an increase in military budget expenditures. If it were not for military production, the Russian economy at the end of the year, at best, would be able to win back the decline of 2022.