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Russian economy receives new growth impetus in late 2024 — Central Bank

GDP growth in 2024 in general would evolve closer to the upper limit of the October forecast of the Bank of Russia, 3.5-4%

MOSCOW, February 4. /TASS/. The Russian economy received a new growth impetus at the turn of 2024, the Bank of Russia said in its bulletin.

"The Russian economy received a new growth impetus at the turn of the year, judging from statistical data, flash indicators and polls. Budget expenditures became the source of the impetus in lending slowdown conditions. They grew more significantly than usually in this time of the year. Consumer demand was also probably driven by payments of bonuses, which were partly shifted from the first quarter of 2025 to the fourth quarter of 2024," analysts said.

The seasonally adjusted growth of GDP accelerated in the fourth quarter of 2024 in quarterly terms, Central Bank experts said. GDP growth in 2024 in general would evolve closer to the upper limit of the October forecast of the Bank of Russia, 3.5-4%.