Russian government raises economic growth forecast

Russia's Ministry of Economic Development has increased its forecast for the country’s gross domestic product (GDP) growth in 2024 from 2.8% to 3.9%, Report informs via Russian media.

The ministry announced that this year, Russia’s GDP is expected to reach 195 trillion rubles (approximately $2.16 trillion), which is 4.4 trillion rubles higher than the April forecast.

The ministry also expects the country's economic growth at 2.5% in 2025, 2.6% in 2026, and 2.8% in 2027.

On August 28, the ministry published an overview titled “On the Current Situation in the Russian Economy,” which stated that the annual economic growth for January-July 2024 was 3.4%, an increase of 0.4 percentage points from January-June 2024.