Manturov sees Russia’s processing industry rising 7% in 2023

MOSCOW, Dec 25 (PRIME) -- Russia’s processing industry will increase by around 7% in 2023, according to the Industry and Trade Ministry’s plan, Deputy Prime Minister Denis Manturov said in an interview with PRIME released on Monday.

“Earlier, experts’ estimates of this year’s results were mostly negative, but in fact we can see positive results in major economic sectors. First of all, I would like to mention the processing industry, we plan to achieve a rise of around 7%,” he said.

The car industry is among the market’s main drivers, Manturov added.

Sales of new cars, including light cars, light commercial cars (LCVs), trucks and buses, are to grow by 50% in year-on-year terms to 1.2 million units in the entire 2023, he said.

Of the amount, around 1 million light cars are expected to be sold in Russia in 2023, as compared with 626,300 new light cars sold in 2022, a rise of 60%.

The ministry will consider options to expand the terms of subsidized car lending programs in July–December 2024, he also said.

Manturov added that the government decided to prolong the parallel imports mechanism for 2024.

End