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Statistics service preliminary estimates Russian GDP growth in 2Q 2024 at 4%

Lev Denisov noted that industries focused on developing the supply-side economy are growing - the mechanical engineering sector (+17.9%), pharmaceuticals (+7.4%), food industry (+6.1%), woodworking (+6.5%) and others

MOSCOW, August 9. /TASS/. According to preliminary estimates, Russia's GDP growth in the second quarter of 2024 amounted to 4% in annual terms, according to the Federal Statistics Service (Rosstat).

Earlier, the statistics service confirmed the estimate of Russian GDP growth in the first quarter at 5.4% in annual terms.

When calculating the GDP dynamics, industry statistics indicators were used, which showed production growth in the following types of economic activity: wholesale trade turnover (+8.3%), retail trade turnover (+7.3%), passenger turnover (+7.3%), manufacturing (+7.3%), water supply, sanitation, waste collection and disposal, pollution control activities (+4.7%), construction (+4.1%), provision of electricity, gas and steam, air conditioning (+2.3%).

"The preliminary estimate of Russia's GDP in the second quarter of 2024 published by Rosstat coincided with the calculations of the Economic Development Ministry. The economy continues to grow at a high rate, including due to the stable dynamics in the manufacturing industry (+7.3% in the 2nd quarter)," said Lev Denisov, Director of the Department of Macroeconomic Analysis and Forecasting of the Economic Development Ministry as quoted by the ministry’s press service.

He noted that industries focused on developing the supply-side economy are growing - the mechanical engineering sector (+17.9%), pharmaceuticals (+7.4%), food industry (+6.1%), woodworking (+6.5%) and others. "According to current data, we see continued high investment activity in the second quarter, which is a reserve for both further expansion of supply in priority industries and economic growth in general. We will take current trends into account in the forecast of socio-economic development," Denisov noted.

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