Putin: Russia's GDP to add at least 3.5% in 2023

MOSCOW, Dec 7 (PRIME) -- Russia's gross domestic product (GDP) will expand by at least 3.5% in 2023, which is a good figure, President Vladimir Putin said at the forum Russia Calling! on Thursday.

"Russia’s GDP rose by 3.2% in the first 10 months of the year, it is higher now than before the sanctions attack by the West. We expect it is very likely that at the end of the year the GDP will add at least 3.5%, at least we all count on that. Everyone here is well educated, don’t you agree that this is a good figure for the Russian economy," the president said.

The federal budget deficit, estimated at 878 billion rubles in January–November, is fully financed from own sources, the first time in a long time, Putin said. Local lending sources have replaced the external market, he added.

Real salaries have increased by 7%, while the real disposable income by 4.4% "as of now," Putin said.

The Russian business behaved extremely responsibly in conditions of the sanctions by keeping the staff, creating new logistic chains, launching consumer projects in Russia, including in the high-tech sector and tourism, and occupying the niches left by Western companies, the president said.

Russia is actively exploring its own market, which is bringing about positive results.

The key rate of the central bank is a matter of debate, but the figures the president mentioned demonstrate that in general, the right direction of development was chosen, Putin said. The central bank and the government are discussing steps against mortgage market overheating, he said.

Russia stands for a truly democratic model of the global economy development, Putin said.

"It is us who want to create a new model, a really democratic one, where fair competition between all participants of the economic activities wins," he said.

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