MOSCOW, November 15 Russia's GDP growth in the third quarter of 2023 accelerated to 5.5% in annual terms from 4.9% in the second, this is better than the estimates of the Ministry of Economic Development and the Bank of Russia, follows from the preliminary assessment of Rosstat.
Previously, the Ministry of Economic Development estimated economic growth in the third quarter at 5.2% year-on-year, and the Central Bank at 5.1%.
“The index of the physical volume of gross domestic product in the third quarter of 2023 relative to the corresponding period in 2022, according to preliminary estimates, amounted to 105.5%,” the document says.
In a commentary, Rosstat noted that in terms of industry statistics, the greatest growth in production was shown by: wholesale (22.9%) and retail (11.3%) trade turnover; manufacturing industries (10.2%); construction (8%); passenger turnover (6.3%) and others.
As Rosstat previously reported, in the first quarter of this year, Russia's GDP decreased by 1.8% in annual terms, and in the second quarter it grew by 4.9%.
The preliminary estimate of GDP for the third quarter of 2023 was made on the basis of the production method and is based on operational statistical reporting of large and medium-sized enterprises in the non-financial sector of the economy.
The official forecast of the Ministry of Economic Development assumes GDP growth of the Russian Federation at the end of 2023 at the level of 2.8%. However, last week the head of the department, Maxim Reshetnikov, said that economic growth will be higher than the ministry’s August estimates and is estimated at 3%.