Russian Prime Minister Mishustin delivered the 2023 government work report to the Russian State Duma on the 3rd, highlighting the growth of Russia’s economy despite facing external sanctions pressure. According to Mishustin, Russia’s GDP grew by 3.6% last year, and the country successfully passed the difficult period of initial adaptation.
Despite facing increasing pressure from Western sanctions, Russia’s gross domestic product (GDP) grew by 3.6% last year, with federal budget revenue exceeding 29 trillion rubles. The Russian economy is becoming less dependent on commodity exports, with non-oil and gas revenues growing by a quarter. Additionally, Russia’s unemployment rate dropped to about 3% and investments increased by 9.8%, the best record in the past 12 years.
Addressing the challenge of inflation, Mishustin stated that the government implemented necessary measures to maintain economic stability and people’s real income levels. Although Russia’s inflation rate was higher than the target last year, it slowed significantly to 7.4% due to government and central bank measures.
In terms of foreign economic cooperation, Mishustin emphasized Russia’s success in expanding trade with friendly countries and overcoming Western attempts to block Russia’s foreign trade. Russia continues to strengthen ties with the Eurasian Economic Union, the Commonwealth of Independent States, BRICS, and the Shanghai Cooperation Organization. The government has approved the “Strategy for the Development of Foreign Economic Activities” to further enhance Russia’s international trade relationships.
Overall, Mishustin’s report showcases Russia’s economic growth and resilience in the face of challenges, while also highlighting the country’s efforts to expand foreign cooperation and trade partnerships.