The Ministry of Economic Development estimates Russia's GDP growth at 4.1% in ten months

The Ministry of Economic Development of the Russian Federation estimated the growth of gross domestic product (GDP) in Russia at 4.1% for the first 10 months of this year. This was stated on November 27, in the department's review of the current situation.

"According to the estimate of the Ministry of Economic Development of Russia, in October 2024, GDP growth amounted to 3.2% y/y, as a month earlier (the estimate for September was clarified due to the release of preliminary estimates of Rosstat for the third quarter of 2024). Excluding the seasonal factor, growth of 0.1% mom after 0.7% mom growth in September. Overall, in the first 10 months of 2024, according to the estimate of the Ministry of Economic Development of Russia, GDP growth amounted to 4.1% yoy," the review says.

The head of the Ministry of Economic Development Maxim Reshetnikov said earlier that despite some signs of cooling of the economy, the ministry still maintains forecasts of 3.9% for 2024 and 2.5% for 2025.

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On the same day at a meeting of the Federation Council, it was noted that in 2025 the gross domestic product (GDP) in the Russian Federation is expected to reach 214.575 trillion rubles, which corresponds to growth of 2.5%. In 2026, it is projected to increase to Br230.568 trillion, and in 2027 - to Br248.313 trillion.

Prior to that, November 12, Russian Prime Minister Mikhail Mishustin said that the growth of the gross domestic product (GDP) of the Russian Federation for three quarters exceeded 4%. Mishustin emphasized that a number of European countries are practically talking about stagnation, noting that in Russia it is necessary to continue active development, including the creation of the supply-side economy, which Russian leader Vladimir Putin spoke about.