MAYOR: The GDP of the Russian Federation in October decreased by 4.4%

AK&M 01 December 2022 11:47

The GDP of the Russian Federation in October 2022 decreased by 4.4% year-on-year after a 4.5% reduction in September. This is reported by the Ministry of Economic Development.

The Ministry notes that, in general, the dynamics of GDP is close to the forecast trajectory. By the end of 2022, GDP is projected to shrink by 2.9%.

Industrial production in October decreased 2.6% year-on-year after a 3.1% decline in September. In the third quarter, the industrial production index was -1.3% year-on-year (-2.5% in the second quarter). In manufacturing, there was a reduction in the decline to -2.4% YoY after -4% yoy in the previous month. According to the results of the third quarter, there was a slowdown in the decline to -2% YoY (after -3.8% in the second quarter).

The main growth is in industries focused on domestic demand. The machine-building complex was the driver of growth.

The volume of construction work in October increased by 9.6% year-on-year after a 5.8% increase in September. In the third quarter, the acceleration was +6.7% YoY after +3.5% YoY a quarter earlier.

Data on investments in fixed assets in the third quarter turned out to be significantly better than expected. For a full range of organizations, the growth was 3.1% in real terms, including due to the gradual recovery of corporate credit activity, the MAYOR emphasizes.

The growth of investments at the expense of the federal budget reached 45.2%, at the expense of regional budgets – 11.3%.