According to preliminary estimates from the Russian Federal State Statistics Service, the Russian economy grew by 4.1 percent in the past year, exceeding the initial forecast by 0.2 percentage points. This information was shared by Prime Minister Mikhail Mishustin at a meeting with President Vladimir Putin on Friday.
The nominal gross domestic product in 2024 reached 200 trillion rubles, approximately two trillion euros, a record high in the country’s history, according to Mishustin. He attributed this success to the intensive growth in the manufacturing sector, with the total industrial production increasing by 4.6 percent, exceeding preliminary forecasts.
Russia has achieved such results despite the unprecedented sanctions pressure, Mishustin added. The Russian economy is growing, while several countries that have imposed sanctions on Russia are experiencing stagnation.
During the meeting, President Putin ordered a reduction in inflation, as the annual inflation rate stands at 9.5 percent, according to the head of state. To ensure a sustainable economic growth, the government must take necessary measures to lower inflation.
In mid-December 2024, Putin announced that the Russian economy’s growth in 2024 could range between 3.9 and 4.0 percent. Over the past two years, the country has seen an eight percent increase.