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Economic Development Ministry revises Russian GDP growth forecast for 2024 up to 2.8%

Minister Maxim Reshetnikov pointed out that domestic consumer and investment demand remain the main growth factor

MOSCOW, April 23. /TASS/. The Economic Development Ministry has improved the forecast for Russian GDP growth in 2024 to 2.8% from the previously expected 2.3%, an official representative of the ministry told reporters.

"The real GDP growth rate in 2024 is projected at 2.8%, in 2025-2026 [it is expected at] 2.3%, and by 2027 it is expected to reach 2.4%," he said.

While presenting the scenario conditions for the socio-economic development of Russia in the medium term until 2027 Economic Development Minister Maxim Reshetnikov told the government that domestic consumer and investment demand remain the main growth factor.

According to him, nominal GDP in Russia will be more than 191 trillion rubles ($2 trillion), which is 11.5 trillion rubles ($123 bln) more than the forecast published by the Economic Development Ministry in September 2023.

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