Dynamic and structure of GDP and investments in 2023

The year-end results of 2022 determined starting positions of 2023, when the output by basic types of economic activities was at the level of 99.6%, GDP volume amounted to 98.8% relative to the previous year. Investment demand grew by 6.8%, while government spending rose by 3.0%, with household final demand contracting by 1.1%. The state of the domestic market was significantly affected by an increase in the contribution of net exports to 12.8% of GDP against 9.8% in 2021 (according to the SNA methodology in current prices), with foreign trade in goods and services expanding by 6.3%, including goods – by 8.8% (according to the balance of payments methodology). Changes in the domestic and external environment, acceleration of inflation as of year-end 2022 up to 11.9% determined the implementation of flexible monetary policy with regulation of the level of the Bank of Russia key rate in the range from 20% (28.02.2022) to 7.5% (19.09.2022). Consistent implementation of government measures of anti-sanctions fiscal and monetary policy resulted in the formation of conditions for a gradual deceleration of inflation, and reduction of the key rate during 2022.