Novak says Russia's GDP will grow by 4% by the end of 2024

The growth of Russia's gross domestic product (GDP) by the end of 2024, tentatively, amounted to about 4%, so the country's economy finished the past year, showing positive dynamics in the main areas. This is stated in the author's article by Deputy Prime Minister Alexander Novak for the magazine "Energy Policy" on January 30.

According to the Deputy Prime Minister, in recent years the economy has demonstrated a steady ability to develop successfully despite being shaken by external shocks.

"Last year also ended with positive dynamics in key indicators. According to preliminary data, GDP growth amounted to about 4%. From 2020 to 2024, the economy grew by almost 13%," Novak said.

He noted that the main driving force for this was investments, whose growth amounted to more than 37%, and industry - investments there increased by almost 16%. The key sector of industry remains the fuel and energy complex (FEC), where investments are quite active.

"The share of the fuel and energy complex in GDP is about 20%, the volume of investments at the end of last year - Br10.5 trillion," Novak pointed out.

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Earlier in the day, the Bloomberg agency reported that the economies of Germany and France continue to shrink due to declining confidence in the governments of the countries. According to the agency, Germany's GDP fell by 0.2% in the fourth quarter of 2024 compared to the previous three months. France's GDP shrank by 0.1%.

Before that, on January 22, Russian President Vladimir Putin said that the past 2024 was quite successful for the Russian economy. He noted that "key macroindicators of the business community are in the positive zone". He said that the deficit of the Russian federal budget amounted to 1.7% of GDP and is at an acceptable level, given the situation in the economies of developed countries. In particular, in 2024, the budget deficit in relation to GDP in the United States and France amounted to 6.2%, in Italy - 3.8%, in Japan - 3.7%, and in Germany - 2.2%.

Earlier, on December 4 last year, Russian Finance Minister Anton Siluanov said that the federal budget for 2025 is very tight, because the project is balanced at the primary level and it has a deficit of 1% of GDP. In addition, the head of the Finance Ministry emphasized that this budget will be executed at any values of the ruble exchange rate.