Page 60 - RusRPTJul24

3.1 Macroeconomic overview
Russia's GDP grew by 4.4% y/y in April after growing by 4.2% in March, according to the review of the current economic situation in Russia, prepared by the Economic Development Ministry. "According to the Economic Development Russian Ministry, in April 2024, GDP exceeded the last year level by 4.4% after a 4.2% growth in March. Excluding the seasonal factor, the GDP growth rate in April was 0.2% (after an increase of 0.1% in March 2024). The ministry estimates that in January-April 2024, GDP growth amounted to 5.1%," the review says. Earlier, it was reported that Russian GDP growth in 2023 was 3.6%. This spring, the Economic Development Ministry revised its forecast for GDP in 2024. The ministry expects GDP to grow by 2.8%.
GDP in April grew by 4.4% y/y after 4.2% in March and by 0.2% month-on-month, excluding seasonality, writes the Ministry of Economic Development. In January-April, GDP grew by 5.1% y/y, while for the whole of 2023 it grew by 3.6%. As before, manufacturing industries, sensitive to budget injections, and trade, sensitive to rising wages, grew at a faster pace.
60 RUSSIA Country Report July 2024 www.intellinews.com