Russian economy grew by 4 percent in the first 9 months of the year

The growth rate in the Russian economy increased by 0.5 percentage points in September compared to August to 2.9 percent, while the country’s economy grew by 4 percent in the first 9 months of the year according to preliminary estimates.

While the Russian economy shrank by 2.1 percent in 2022 due to comprehensive sanctions, it grew by 3.6 percent in 2023, thanks to high energy prices and production capacity increases in the defense industry.

The Russian Ministry of Economic Development expects the country’s economy to grow by 3.9 percent this year.