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Prime Minister Expects Russian GDP to Grow Over 2% in 2023

RUSSIA
  • Prime Minister Mikhail Mishustin has given what Interfax say is the most optimistic outlook for the Russian GDP growth in 2023 at a meeting with Russian President Putin. “Currently, we can say confidently unless, of course, there are force majeure circumstances, that we should grow more than 2% per year," Mishustin said.
  • As of April, the official outlook of for Russian GDP growth in 2023 stands at 1.2%. The CBR also upgraded the 2023 GDP growth outlook to 0.5-2.0% in April, versus -1% to 1% in February. The Economic Development Minister said in June that the actual growth would surpass the official forecast, while CBR Governor Nabiullina said that economic growth kept closer to the upper limit of the Central Bank's outlook for now.
  • S&P Global’s Composite PMI for Russia rose to 55.8 in June from 54.4 in May while the Services PMI rose to 56.8 from 54.3 – marking the fifth consecutive month of expansion for both figures.
  • The Financial Times report that the Russian army has lost half of its combat effectiveness in Ukraine, including as many as 2,500 tanks, with the main push of Kyiv’s counter-offensive still to come, according to the UK armed forces chief.
  • The Federal Statistics Service will report the final reading of 1Q GDP at 1700BST/1900 local time.
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