Russia’s economy on rise despite sanctions

MOSCOW 

In the face of persistent sanctions, Russia's economic landscape at the year's end presents a compelling narrative of resilience and growth.

Despite the challenges posed by external pressure and earlier negative forecasts, Russia’s GDP growth in 2023 is expected to be 3.5%, Russian President Vladimir Putin said during a live broadcast on Dec. 14 called “Results of the Year with Vladimir Putin.”

Putin also said that foreign debt is decreasing, which “also indicates macroeconomic stability, financial stability.” According to the Russian Central Bank, government debt has been reduced from $46 billion to $32 billion and private foreign debt has also decreased from $337 billion to $297 billion.

The country's industrial and manufacturing output is steadily increasing at 3.6% and 7.5%.

Fixed capital investment rose by 10% in 2023, which “indicates there will be sustainable growth in the medium term,” he said, adding “investors (will) provide funding, production will expand and new jobs will be created.”

Profits at enterprises surged by 24%, with banks projected to earn over 3 trillion rubles ($33.9 billion), while salaries are on the rise and unemployment stands at a current low of 3%.