Mishustin reported GDP growth of about 4% in 2024

According to the preliminary estimate of the Ministry of Economic Development, Russia's GDP growth by the end of 2024 will be about 4%. This was stated by Prime Minister of the Russian Federation Mikhail Mishustin on February 4 during the session on the implementation of macroeconomic policy for sustainable growth.

"According to preliminary estimates of the Ministry of Economic Development, GDP growth at the end of 2024 amounted to about 4%, which was due to high investment and consumer activity," he said during a strategic session on the implementation of macroeconomic policy for sustainable growth.

In addition, the head of the government noted that the main driving force for this was the manufacturing sector, which added 8% and exceeded the initial forecast. In this sector, the share of added value is significantly higher than in the simple sale of raw materials, this confirms the trend towards technological development of the Russian economy.

"Such a trend is important to continue in the coming years and strengthen. We need to take all necessary actions to ensure macroeconomic stability. This is one of the basic conditions for maintaining positive dynamics in many areas of the country's life," Mishustin said.

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Prior to 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%, Italy - 3.8%, 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.