Bashkiria's economic development results for first half of 2023, commented by Andrey Nazarov

The Russian Government has published interim results for developing the domestic economy for the first six months 2023. Prime Minister of the Government of Bashkortostan Andrei Nazarov commented on the semi-annual results regarding the republic on his TG channel, Bashinform News Agency reports.

According to him, Western sanctions have not had a significant macroeconomic effect. The Russian economy has recovered quite quickly and is demonstrating recovery growth. Several industries have complex limitations, but we have learned how to overcome them by replacing imported technologies with domestic counterparts.

Industrial production has positive dynamics, Andrey Nazarov noted.

As Andrey Nazarov noted, in some industries, the price rise is significant due to reduced demand, but in the consumer sector, the situation is much better. In May-June, the food basket cost even decreased, although food deflation is typical for the second half of summer when the harvest begins. A stable situation in the labor market - unemployment is 3.1%.

“Support by the state of the social sphere allows us to expect that the real incomes of Russians will also begin to grow. And yet, we should not forget that the challenges posed to the Russian economy have not disappeared. There is no need to expect quick results, but the main thing is that the general trend is positive. Within the next year, if there are no force majeure events, speaking about strengthening economic growth in key indicators will be possible. The country's leadership keeps the situation under control and does everything to ensure that the quality of life of people is steadily growing,” says Andrey Nazarov.