Russia posts accelerated 4.6% GDP growth in January

Russia posts accelerated 4.6% GDP growth in January

Russia's economic growth accelerated in January 2024, expanding by 4.6% y/y, up from a 4.4% increase in December. / bne IntelliNews

By bne IntelliNews February 29, 2024

Russia's economic growth accelerated in January 2024, expanding by 4.6% y/y, up from a 4.4% increase in December, according to the Russian Ministry of Economic Development. (chart)

"The GDP in January 2024 exceeded last year's level by 4.6% year-on-year after a 4.4% increase in December. When compared to the same month in 2022, the GDP saw a rise of 1.9%, down slightly from 2.3% in December 2023 compared to 2021," the ministry said.

Preliminary estimates by Rosstat suggest that Russia's GDP growth reached 3.6% at the end of 2023. The final quarter of 2023 witnessed a robust 5.1% GDP growth, contributing to the overall positive momentum, with December alone seeing a 4.6% increase.

Looking forward, the Ministry of Economic Development forecasts a 2.3% growth in the Russian GDP for the entirety of 2024. Meanwhile, the Bank of Russia has a more conservative outlook, projecting a growth range of 0.5-1.5%.

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