OREANDA-NEWS GDP has been growing in Russia since the second half of 2022. According to the Minister of Economic Development of Russia Maxim Reshetnikov, the reason for this was domestic demand. The minister's words are quoted by Izvestia.

As the minister noted, it is not only about budget expenditures, but also about the normalization of the savings model of behavior. "People restored their savings, saved money, and now they are actively spending it. If we look at the consumer market indicator, we can say that the pre—crisis level has been exceeded by one and a half percent," Reshetnikov explained.

The Minister also noted the active growth of investments. Last year it was 4.6 percent, and the first quarter of this year was also in the black. "If we take the first quarter of this year and compare it with 2021, then there is an increase of plus 15 percent in real terms. The share of machinery and equipment is being restored in investments," he stressed.

On June 7, Russian President Vladimir Putin admitted that the country's GDP growth could grow by 1-2 percent this year. According to him, this can happen even despite the general slowdown in the global economy.