Reshetnikov announced signs of cooling of the Russian economy

The Ministry of Economic Development of the Russian Federation is observing signs of a cooling economy in the country, based on the indicators of leading indicators. This was announced on March 4 by the head of the department Maxim Reshetnikov during a meeting of the State Duma Committee on Economic Policy.

"As you know, the economy continued to grow last year. However, we are now seeing signs of its cooling, especially when we look at the leading indicators. It is clear that our statistics record changes with some lag, but we are looking at much more indicators here," the minister said.

He added that the agency records a halt in frontal growth: a slowdown in the economy in a number of industries, a reduction in business orders, as well as a tightening of monetary policy.

Earlier, on March 3, Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF), noted that Russian gross domestic product is growing faster than that of the United Kingdom and the European Union. Dmitriev provided a graph of data on GDP growth rates, unemployment, and government debt. Thus, Russia's GDP increased by 4.1% in 2024, which is significantly higher than in the EU (0.9%) and the UK (0.8%).

In January, the President of the Russian Federation Vladimir Putin said that the past 2024 was enough successful for the Russian economy. He said that the country's federal budget deficit amounted to 1.7% of GDP and this corresponds to the calculations that were included in the draft prepared for 2025-2027.