Russian economy compensated decline in Q2 2022 — Economy Ministry
MOSCOW, August 11. /TASS/. The Russian economy has managed to not merely compensate the decline in the second quarter of the last year but also to show growth against the level two years back, Deputy Minister of Economic Development Polina Kryuchkova said in a comment on GDP data for the second quarter of this year, released by the national statistical agency.
"The Russian economy did not merely level up the drop in the second quarter of the last year but also showed incremental growth against the level two years earlier. Real sector industries were main growth drivers, the processing industry in the first instance, where the output surged by 11.3% in the second quarter of 2023. Machine-building and metals complexes made the main contribution to improvement of indicators, with growth noted across almost all industries," the official said.
The construction and agricultural sectors maintained steady growth, just as last year, Kryuchkova said. Wholesale trade is recovering at a high pace. High investment activity is maintained in the economy, she noted.
According to a preliminary estimate, the Russian GDP gained 4.9% year on year in the second quarter of 2023, the Federal State Statistics Service reported earlier today.
