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Bank of Russia upgrades GDP growth outlook for 2024 to 2.5-3.5%

The GDP growth outlook for 2025 and 2026 remained intact at 1-2% and 1.5-2.5%, respectively

MOSCOW, April 26. /TASS/. The Bank of Russia has upgraded its outlook on GDP growth for 2024 to 2.5-3.5%, the Bank of Russia said in a press release following its board meeting. Previously the regulator expected economic growth within 1-2% this year.

"High-frequency indicators show that, in 2024 Q1, the Russian economy continued to grow notably faster than forecast. Consumer activity remains high amid a significant increase in households’ incomes and positive consumer sentiment. According to companies’ surveys, investment demand remains high. The Russian economy still shows a significant upward deviation from a balanced growth path. The GDP growth forecast for 2024 has been raised to 2.5-3.5%," the press release said.

The GDP growth outlook for 2025 and 2026 remained intact at 1-2% and 1.5-2.5%, respectively.

Meanwhile the regulator noted labor shortages in most sectors of the Russian economy. "Labor shortages come as the key constraint on the expansion of output of goods and services. Concurrently, labor market tightness continues to increase. According to the Monitoring of Businesses, labor shortages increased in most industries," the Central Bank said.

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