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Thu, 09/28/2023 - 11:07

Russia's GDP Grows by 2.5% Year-on-Year in January-August

MOSCOW (Sputnik) - Russia's GDP grew by 2.5% in January-August in annual terms, and separately in August the growth accelerated to 5.2% year-on-year, the Economic Development Ministry said on Wednesday.
"According to the Russian Economic Development Ministry, in August 2023, GDP exceeded the level of last year by 5.2% year-on-year (after 5.1% year-on-year in July)… Overall, in 8 months of 2023, GDP grew by 2.5% year-on-year," the ministry’s estimate showed.
Despite being targeted by Western sanctions, which were designed to "cripple" the Russian economy, Russia has managed to increase its GDP. Since 2022, the unlawful sanctions have backfired on those responsible for the Ukraine crisis.
Unlike Western countries, which are now facing looming deindustrialization, soaring inflation, and recession, Russia has grown richer, overtaking France, the UK, and Germany in terms of purchasing power parity (PPP), becoming the fifth largest economy.
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