MOSCOW, September 24. /TASS/. The total growth of the Russian economy in 2024-2027 may reach 13%, Minister of Economic Development Maxim Reshetnikov said at a government meeting.

"Our economy is developing steadily despite external shocks. For the period 2020-2023, the GDP growth is 5.5%. This is higher than in many developed countries," the minister pointed out. In 2024, he recalled, GDP growth is expected to be 3.9%.

"In total, for 2024-2027, GDP will grow by 13%," Reshetnikov noted.

At the same time, consumer demand will continue to grow, accounting for about 60% of total GDP growth, the head of the Ministry of Economic Development added.

"The growth of consumer activity will be provided, first, by an increase in the real monetary income of the population. The main contribution will be made by the growth of wages against the background of maintaining a low level of unemployment," Reshetnikov explained.

According to Finance Minister Anton Siluanov, Russia’s budget deficit will not exceed 1% of GDP within three years, Finance Minister Anton Siluanov. "The budget was formed based on ensuring a balanced structure and a zero primary balance, the budget deficit within three years will not exceed 1% of GDP," the minister said.

At the end of 2023, Russia’s budget deficit will amount to 3.24 trillion rubles ($34.91 bln), or 1.9% of GDP. According to the government's forecast in the draft budget, the federal budget deficit in 2024 will amount to 2.12 trillion rubles ($22.84 bln), or 1.1% of GDP.

In turn, Russian Prime Minister Mikhail Mishustin said that the Russian economy is experiencing colossal pressure due to sanctions, but these challenges are being countered.

"The Russian economy is experiencing colossal pressure in these conditions. The package of sanctions and restrictions is being expanded by unfriendly countries, logistical, technological, financial and other challenges are emerging," he said. "Nevertheless, under the leadership of the President, through the coordinated efforts of the government and the Bank of Russia, we manage to counter them," the Prime Minister stressed.

Mishustin noted that despite the difficult conditions, it is possible to "support our citizens, businesses, and development projects, creating the basis for further growth."

He added that Russia’s federal budget for 2025-2027 will be executed with deficit, which is expected at the level of half a percent of GDP in 2025.

"Federal budget execution is expected with deficit all three years. In 2025, [deficit is expected -TASS] at the level of half a percent of GDP," he said.

Revenues of the Russian federal budget will grow by 12% next year to 40.296 trillion rubles ($433 bln) while budget expenditures will go up to 41.47 trillion rubles ($445 bln), Mishustin added.