Russian Econ Ministry has raised 2024 GDP growth forecast to 2.8% from 2.3% - Reshetnikov

MOSCOW. April 23 (Interfax) - The Russian Economic Development Ministry has raised its growth forecast for the Russian economy in 2024 to 2.8% from its September estimate of 2.3%, Economic Development Minister Maxim Reshetnikov said while presenting the macro forecast for 2024-2027 at a cabinet meeting.

He said nominal GDP in 2024 was estimated at more than 191 trillion rubles. "This is 11.5 trillion rubles more than was expected in September," he said.

"The economy grew 3.6% in 2024. The growth continued at the beginning of this year. Key sectors are developing rapidly: manufacturing, construction, trade, catering, transport and tourism. Given the current tendency we expect GDP growth of 2.8% in 2024," he said.

Reshetnikov said that "domestic consumer and investment demand remain the main growth factors."

The Central Bank in February raised its GDP growth forecast for 2024 to 1.0-2.0% from 0.5-1.5%, and kept its growth forecast in 2025 at 1.0-2.0%. The Central Bank will unveil its updated three-year forecast at its board meeting on April 26.