Russian GDP could grow more than 3% in 2024 - Putin

MOSCOW. April 27 (Interfax) - Russian GDP could grow more than 3% in 2024 given current trends in the economy, Russian President Vladimir Putin said, referring to expert estimates.

"The real current state of the economy makes it possible to improve its development forecasts as well. Many experts are already saying Russia's GDP could grow more than 3% this year," he said, opening a meeting with the government on economic issues on Saturday.

Putin said GDP growth for the first two months of the year had been better than the authorities had expected. "I'll mention that the data for the beginning of the year turned out to be higher than forecasts by the government, the Bank of Russia and some experts. Russia's GDP increased 6% in annual terms in January-February. The so-called calendar factor, namely the leap year and additional working days, also played a role here. But the dynamics are still good even if this factor is eliminated, removed," Putin said.

The Russian Economic Development Ministry has estimated Russian GDP growth for January-February 2024 at 6.0%. It said GDP grew 7.7% year-on-year in February after rising 4.6% in January.

The ministry has just raised its forecast for Russian economic growth in 2024 to 2.8% earlier this week from September's estimate of 2.3%. The 2025 growth forecast was left unchanged at 2.3%. The Central Bank of Russia raised its forecast for GDP growth in 2024 to 2.5-3.5% from 1.0-2.0% and left its forecast for GDP growth in 2025 at 1.0-2.0%.

The International Monetary Fund recently raised its estimate of Russian economic growth in 2024 to 3.2% from the 2.6% it had forecast in January. The IMF also improved its forecast for Russian economic growth in 2025 to 1.8% from 1.1%.