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Russia's GDP growth expected to be 3% by end of the year — Prime Minister

6 December 2023 22:50 (UTC+04:00)
Russia's GDP growth expected to be 3% by end of the year — Prime Minister

The Russian economy will grow by 3% by the end of the year, Prime Minister Mikhail Mishustin said during a lecture he gave as part of the Knowledge, Azernews reports, citing TASS.

"The growth of the gross domestic product in October was about 5% in annual terms. Based on the results of ten months it was 3.2%. And at the end of the year we expect [the growth of] about 3%," he said, noting that good dynamics are also observed in real disposable income.

Mishustin drew attention to the fact that even opponents who "openly admit that sanctions do not work" talk about Russia’s successes.

"In general, our industry responded well to external pressure. It is gradually recovering. The growth of manufacturing production in October continued to increase at a good pace - 9.5% year on year," the Prime Minister said.

Another key indicator of stability in the economy is employment.

"Our unemployment has reached an all-time low. If we compare, in the eurozone as a whole this figure this year is more than twice as high as in Russia, and in some countries it is even higher. For example, in Spain, it is 12-13%," the head of the government said.

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