Russia’s GDP grows 5% in 5M24, could reach 3.8% in 2024 overall

Russia’s GDP grows 5% in 5M24, could reach 3.8% in 2024 overall

Russia's economic growth is accelerating this year and should expand by 3.8% say economists, more than the 3.6% of growth in 2023. / bne IntelliNews

By bne IntelliNews July 10, 2024

Russia’s GDP grew by 4.5% year on year in May 2024 and by 5% year on year in 5M24, according to the latest estimates by the Ministry of Economic Development cited by Tass on July 10. (chart)

At the same time Tass cites the chief economist of VEB.RF development bank Andrey Klepach as estimating that GDP growth in 2024 could reach 3.8% versus 3.6% growth seen in 2023 and above the current official EconMin forecast of 2.8%.

In April, the International Monetary Fund (IMF) raised its forecast for Russia's GDP growth in 2024 to 3.2% from 2.6% in the previous January outlook. The World Bank also updated its forecast for Russia, expecting more modest GDP dynamics in 2024 with 2.2% growth (and only 1.1% GDP growth forecast for 2025).

bne IntelliNews already reported that May's economic activity remains at a high level, ahead of the expected key interest rate hike by the Central Bank of Russia (CBR) concerned with economic overheating.

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Data

Russia’s CBR ups key interest rate by whopping 200bp to 18%, increases GDP growth forecast to 3.5% for 2024

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Russia’s CBR ups key interest rate by whopping 200bp to 18%, increases GDP growth forecast to 3.5% for 2024

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