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Russian GDP dynamics points to economy moving along projected trajectory — minister

The economy is adjusting, continuing growth amid rather high interest rates, Maxim Reshetnikov noted

Russian Minister of Economic Development Maxim Reshetnikov Peter Kovalev/TASS

Russian Minister of Economic Development Maxim Reshetnikov

© Peter Kovalev/TASS

ST. PETERSBURG, June 6. /TASS/. The current dynamics of Russia’s GDP demonstrates that the country’s economy is moving along the projected trajectory of 2.8% growth in 2024, Economic Development Minister Maxim Reshetnikov told reporters on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"So far, we are moving along the trajectory of our 2.8% [growth] outlook," he said. "Seasonally adjusted April demonstrated 0.2% growth against March, or 2.4% in annual terms. Those are normal rates amid unemployment. The economy is adjusting, continuing growth amid rather high interest rates," he said.

The minister also noted positive investment dynamics in Q1 2024.

"The investment dynamics in Q1 was impressing reaching growth by 14.5% in annual terms, though the share of Q1 is rather low, which is why it is early to make final conclusions, we are focused on discussing instruments [to support investment]," he said.

The St. Petersburg International Economic Forum (SPIEF) is being held on June 5-8. This year’s theme is "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World." Scheduled events include meetings for small and medium-sized businesses, creative industries, the SPIEF Youth Day, as well as the Drug Security, SPIEF Academy and SPIEF Junior forums. SPIEF is organized by the Roscongress Foundation. TASS is the information partner of the event.

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