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Russian economy growing faster than expected — Siluanov

In the first half of 2024, GDP growth amounted to 4.7%, the minister noted

MOSCOW, August 30. /TASS/. The implementation of the Russian budget exceeds the planned parameters, the economy is developing at an accelerated pace, also due to the budget stimulus, Finance Minister Anton Siluanov in an interview with Rossiya-24 TV channel.

"In the first half of the year, the dynamics of economic growth reached 4.7% of GDP, which is a very good figure. We see investments growing - around 8%, real disposable incomes of the population are also increasing," the minister said.

He added that the budget execution is exceeding the parameters planned in the forecast. "We see that [budget] revenues are growing above last year's level, surpassing the plan. This year's revenues have grown by almost 5 trillion rubles, to be precise - 4.7 trillion rubles more than in the same period last year, which was due to the growth of both oil and gas revenues and revenues from the domestic economy," Siluanov noted.

He added that Russia’s federal budget deficit is expected to be at the level of 1.1% of GDP by the end of 2024. "If we talk about the budget balance, it is also below the forecast indicators. For the year as a whole, we expect [the budget deficit] to be a little over 1%, more precisely - 1.1% of GDP. For the first half of the year this figure reaches 0.7% of GDP," the minister said.

At the same time, Russia’s economic growth is expected at 3.9% by the end of this year, Siluanov said. "Estimations of this year’s economic dynamics are also higher than we initially suggested in our forecasts. This year’s estimate is 3.9%, while last year it totaled 3.6%. This is why expectations of resources for pumping up our obligations are very positive," he said.

In the first half of 2024, GDP growth amounted to 4.7%, the minister added.

The Russian Federal State Statistics Service (Rosstat) said earlier this week that it provisionally estimated national GDP growth in the first half of 2024 at the level of 4.6% year-on-year. Meanwhile the Economic Development Ministry said that its estimate of GDP growth in the first seven months of 2024 equaled 4.4%.

The Russian budget will also receive 2.7 trillion rubles ($29.57 bln) in 2025 from changes in the tax system, which will be directed to priority tasks. "Next year we plan to receive 2.7 trillion rubles from changes in the tax system alone. All this money will be used for the tasks set by the president in his address, for ensuring the priority obligations of the state," he said.

Siluanov emphasized that the Finance Ministry is assessing the capacities and needs of the economy not only for the next three years, but also for the next six years.

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