All news

Russian economy to grow slower in Q1 2024 — Central Bank analysts

According to their estimates, Russian GDP with the seasonal adjustment gained 1.2% quarterly in the fourth quarter of the last year

MOSCOW, March 12. /TASS/. The Russian economy continued growing in the first quarter of 2024 but its seasonally adjusted growth rate will be slower than in the fourth quarter of the last year, the Central Bank’s research and forecasts department said in its bulletin.

"The economic activity continue growing in the first quarter of 2024. The increase is more moderate than in the fourth quarter of 2023 in quarter-to-quarter evolution, including because of the statistical effect as a result of deceleration at the turn of the last year," the department said.

Internal and government demand is the main growth driver, while foreign demand dynamics is moderate, analysts said. According to their estimates, Russian GDP with the seasonal adjustment gained 1.2% quarterly in the fourth quarter of the last year.

Conclusions and recommendations in the bulletin may not coincide with the official position of the Bank of Russia.