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Mishustin: The Russian economy is growing in a way that makes it less dependent on oil and gas exports

Mishustin: The Russian economy is growing in a way that makes it less dependent on oil and gas exports

Russian Prime Minister Mikhail Mishustin told lawmakers on Wednesday that the Russian economy is growing while becoming less dependent on oil and gas exports. He added that government revenues will increase, which will allow Moscow to finance growth and development projects and fulfill its social obligations.

Federal budget revenues will exceed 29 trillion rubles (116 trillion forints) in 2023, representing an increase of almost 5 percent compared to the previous year, the Russian Prime Minister said when he presented his report to the Duma.

“Non-oil and gas revenues rise by a quarter” He told the actors.

He said that the economy “depends less and less on the export of raw materials.” According to Misustin, the country's GDP grew by 3.6 percent last year, which is more than double the average growth recorded by most developed countries in the same period, which was 1.6 percent.

The Prime Minister said that total industrial production grew by 3.5%, adding that the manufacturing sector grew by 7.5%, while the unemployment rate halved to 3% by the end of 2023.

Russia also saw record investments last year, which the official said rose 10% to a 12-year high. He added that the Russian Central Bank's policy also made it possible to contain inflation, which fell from 11.9% to 7.4%.

Mistotin pointed out that the country's debt, which represents 17% of GDP, is still at a “safe level,” noting that it is much lower than in the West. At the beginning of the week, the Central Bank reported that as of January 1, “the Russian Federation’s external debt amounted to $316.8 billion, a decrease of $68.2 billion, or 17.7%, during 2023.”

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Moscow has also been able to circumvent the trade blockade imposed by the West in the form of sanctions, which Misustin described as sanctions. Last year, the volume of Russian trade with “friendly countries” exceeded $548 billion, which is approximately equivalent to the volume of trade that Russia conducted with the entire world, including Western countries, four years ago, according to the Prime Minister.

In early March, The Economist reported that the Russian economy had “defied expectations” and returned to pre-conflict performance levels despite unprecedented sanctions imposed by the United States and its allies over the conflict in Ukraine.

In late February, President Vladimir Putin said Russia was on track to become the world's fourth-largest economy on a purchasing power parity basis. He added that the country has already become the largest economy in Europe in terms of purchasing power parity.

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