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| Russia's average annual unemployment rate at the end of 2023 is 3.2%, the lowest since 1992. (Source: Reuters) |
This is the lowest figure since 1992, which is the minimum level since this index was compiled.
Earlier, the Russian Federal Statistics Service Rosstat presented a report on the socio-economic situation in 2023, also announcing the above figures. The unemployment rate in this country in December 2023 increased to 3% compared to 2.9% a month earlier.
The number of employed people also rose to a record high in December 2023, reaching 74.2 million, up 2.1 million from the same month in 2022. This is the highest number of employed people in the final month of the year in Russia since 2005.
Meanwhile, Russia's monthly unemployment rate increased slightly in December 2023 (from 2.9% in November to 3%) as hiring slowed at the end of the year and annual projects and contracts expired.
In related news, according to an assessment prepared by the Russian Ministry of Economic Development, the country's economic growth in 2023 will reach its highest level in the past decade, except for the post-Covid-19 period.
The assessment notes that, according to the first estimates of the General Statistics Office of Russia, GDP growth in 2023 is 3.6%, higher than most expectations. Compared to the previous two years, the growth rate was 2.3%. Economic growth in 2023 is the highest in the past decade (the only exception is the recovery rate after Covid-19 in 2021).
GDP growth is forecast to reach 5.1% in the fourth quarter of 2023 and 4.6% in December 2023. GDP at current prices amounts to 171,041 billion rubles ($1,867 billion).
According to the forecast of the Ministry of Economic Development, Russia's GDP will increase by 2.3% in 2024. The Central Bank of the Russian Federation expects growth in 2024 from 0.5-1.5%.
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