In the first 11 months of 2024, Russia’s GDP grew by 4% year-on-year, according to a study by the Ministry of Economic Development. The growth of the Russian economy in November of this year was 3.6% compared to November 2023.
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Industry growth in January-November 2024 amounted to 4.3% year-on-year. Wholesale trade volume increased by 7.2% and retail trade turnover by 7.4%.
At the same time, the volume of agriculture decreased by 2.6%, and the volume of mining – by 0.8%.
The public catering sector showed the greatest dynamism: the volume of the industry grew by 8.8% in the first 11 months of 2024 and in November the growth was 10% year-on-year.
In December, during a direct conversation with the president, Vladimir Putin reported that the country’s GDP growth for the year “will be 3.9%, and maybe even 4%.” At the same time, he highlighted that the authorities were “generally satisfied with the results.”
The Russian president added that the plan for 2025 in the economic field is to “stabilize inflation so that we do not have spirals or jumps.”
Deputy Prime Minister Alexander Novak said this week in an interview with the Rossiya 24 television channel that the government expects the GDP growth rate next year to be “between 2% and 2.5%.” The Bank of Russia’s forecast for GDP growth in 2025 is 0.5% to 1.5%.
Author:
Akhmed Sadulayev
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
