https://sputnikglobe.com/20240116/russias-car-production-soared-in-2023-amid-strong-real-wage-growth-1116200951.html
Russia's Car Production Soared in 2023 Amid Strong Real Wage Growth
Russia's Car Production Soared in 2023 Amid Strong Real Wage Growth
Sputnik International
Unfazed by unprecedented Western sanctions, Russia outperformed other major global economies in 2023, demonstrating sustained strength. The country's economic resilience is evident in its thriving automotive sector.
2024-01-16T19:07+0000
2024-01-16T19:07+0000
2024-01-16T19:07+0000
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Car factories in Russia produced over 720,000 vehicles in 2023, marking a rapid rebound in automobile production.The 16-percent increase followed Western sanctions imposed in 2022, Russian Deputy Prime Minister Denis Manturov said at a meeting of the head of government with deputy prime ministers on Monday.Auto production and sales data show improved performance of its automotive industry last year compared to 2022, when the country suffered a 67 percent drop in automobile manufacturing. Sales figures had dipped by almost 60 percent over the past two years.The suspension of deliveries of cars and equipment, coupled with the departure of Western automakers from Russia following the start of the Ukrainian conflict, affected the industry. This impact was attributed to the industry's reliance on foreign investment and auto parts.Government support initiatives, including a program for preferential car loans, contributed to boosting demand for Russian-made vehicles on the national market.New-brand passenger car sales swelled in 2023, according to data from an analytics agency Autostat. Roughly 1.06 million automobiles were bought in the country, a 69 percent rise in contrast with 2022 figures.Russia’s established Lada brand topped sales charts with a 30.65 percent market share against the 27.89 percent it recorded in 2022. The indigenous automaker sold 324,446 vehicles last year, the agency reported.The Lada Granta remained the top-selling passenger car nationwide among the top three models for the second consecutive year, with about 195,910 vehicles sold. Others include the Lada Niva Travel SUV and Lada Vesta.Despite unprecedented Western sanctions on Russia, the country’s economy outstripped other major world economies in 2023 and continues to grow. It was one of the few to see real-terms wage growth last year.China and the Russian Federation led the pack with impressive wage gains, propelled by their exceptional labor productivity growth compared to other G20 countries, according to the International Labour Organization’s publication World Employment and Social Outlook - Trends 2024.The World Bank's January Global Economic Prospects analysis indicates that the Russian economy is projected to grow 1.6 percent this year, moderating at 1.3 percent.
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russian automobile production, western sanctions impact on russian auto industry, russian car sales data, russian government support for automotive industry, preferential car loans program in russia, lada brand market share, lada granta top-selling passenger car, economic growth in russia despite sanctions, real wage growth in russia, russian economy outlook 2024.
russian automobile production, western sanctions impact on russian auto industry, russian car sales data, russian government support for automotive industry, preferential car loans program in russia, lada brand market share, lada granta top-selling passenger car, economic growth in russia despite sanctions, real wage growth in russia, russian economy outlook 2024.
Russia's Car Production Soared in 2023 Amid Strong Real Wage Growth
Unfazed by unprecedented Western sanctions, Russia outperformed other major global economies in 2023, demonstrating sustained strength. The country's economic resilience is evident in its thriving automotive sector.
Car factories in Russia produced over 720,000 vehicles in 2023, marking a rapid rebound in automobile production.
The 16-percent increase followed
Western sanctions imposed in 2022, Russian Deputy Prime Minister Denis Manturov said at a meeting of the head of government with deputy prime ministers on Monday.
Auto production and sales data show improved performance of its automotive industry last year compared to 2022, when the country suffered a 67 percent drop in automobile manufacturing. Sales figures had dipped by almost 60 percent over the past two years.
The suspension of deliveries of cars and equipment, coupled with the departure of Western automakers from Russia following the start of the Ukrainian conflict, affected the industry. This impact was attributed to the industry's reliance on foreign investment and auto parts.
15 October 2023, 03:04 GMT
Government support initiatives, including a program for preferential car loans, contributed to boosting demand for Russian-made vehicles on the national market.
New-brand passenger car sales swelled in 2023, according to data from an analytics agency Autostat. Roughly 1.06 million automobiles were bought in the country, a 69 percent rise in contrast with 2022 figures.
Russia’s established Lada brand topped sales charts with a 30.65 percent market share against the 27.89 percent it recorded in 2022. The indigenous automaker sold 324,446 vehicles last year, the agency reported.
The Lada Granta remained the top-selling passenger car nationwide among the top three models for the second consecutive year, with about 195,910 vehicles sold. Others include the Lada Niva Travel SUV and Lada Vesta.
Despite unprecedented Western sanctions on Russia,
the country’s economy outstripped other major world economies in 2023 and continues to grow. It was one of the few to see real-terms wage growth last year.
China and the Russian Federation led the pack with impressive wage gains, propelled by their exceptional labor productivity growth compared to other G20 countries, according to the International Labour Organization’s publication
World Employment and Social Outlook - Trends 2024.
"Real wages have increased by 7 percent. Real disposable income of the population has increased by 4.4 percent...And if you look at the consolidated budget, there is a surplus of 837 billion rubles ($9 billion). That means that, in general, the Russian financial system is in an absolutely normal, healthy state," Russian President Vladimir Putin commented at the VTB Investment Forum "Russia Calling."
The World Bank's January Global Economic Prospects
analysis indicates that the Russian economy is projected to grow 1.6 percent this year, moderating at 1.3 percent.
