The Russian economy keeps adjusting to fundamental external changes

RUSSIA ECONOMICS - In Brief 28 Sep 2023 by Evgeny Gavrilenkov
Rosstat reported that in 8M23, the output of the five basic sectors grew by 4.2% y-o-y. In August alone, it was up by 7.3%. Industry grew in 8M23 and August by 3.0% and 5.6% y-o-y. The mining segment was still slightly down (1.2%-1.3% y-o-y in August and 8M23), while manufacturing grew by 10.3% y-o-y in August and 6.6% in 8M23. Seasonally adjusted industrial output contracted by 0.3% m-o-m. Agricultural production contracted by 2.4% y-o-y in 8M23 amid exceptional harvest in 2022. Construction remained on the rise, having grown by 8.8% y-o-y in 8M23. Retail sales grew by 3.7% y-o-y over the same period. In 1H23, investment in production capacity increased by 7.6% y-o-y (only quarterly is available). Overall, at a glance, it looks as though the economy may grow close to 3% this year. In the next report of this series, we’ll be able to bring more color to the 2023-2024 economic growth statistics.

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