The Ministry of Economic Development raised the forecast for Russian GDP growth in 2024 to 2.8%

Moscow. April 23. INTERFAX.RU – The Ministry of Economic Development has raised the growth forecast for the Russian economy in 2024 to 2.8% from the September estimate of 2.3%, said the Minister of Economic Development of the Russian Federation Maxim Reshetnikov, presenting the main parameters of the macro forecast for 2024-2027 at a government meeting.

The nominal volume of GDP in 2024, according to him, is estimated at more than 191 trillion rubles. “This is 11.5 trillion rubles more than expected in September,” he noted.

“At the end of last year, the economy grew by 3.6%. At the beginning of this year, growth continued. Key sectors are developing at a high pace: manufacturing, construction, trade, catering, transport, tourism. Taking into account the current dynamics, we expect GDP growth in 2024 by 2.8%,” the minister said.

Reshetnikov said that “domestic consumer and investment demand remains the main growth factor.”

As reported, the Central Bank in February raised its GDP growth forecast for 2024 to 1.0-2.0% from 0.5-1.5%, and kept the growth forecast in 2025 in the range of 1.0-2.0%. The Central Bank will present its updated three-year forecast at the main meeting of the board of directors on April 26.