Russia's economy ministry revised higher its 2023 gross domestic product (GDP) forecast on Friday to growth of 1.2% from a contraction of 0.8%, news agencies reported.

The International Monetary Fund this week also raised its forecast for Russia's 2023 economic growth, but said the country may see a sharply wider budget deficit and a smaller current account surplus this year. It also said Russia's global isolation and lower energy revenues could dampen its economic growth potential for years to come

(Reporting by Reuters; Writing by Alexander Marrow Editing by Gareth Jones)