Russia's GDP grows 5% in 5M 2024 to exceed forecasts substantially - PM Mishustin

MOSCOW. July 12 (Interfax) - The dynamics of Russia's GDP have outperformed forecasts in 2024, with economic growth of 5.0% in January-May, Prime Minister Mikhail Mishustin said at a meeting on economic matters.

"GDP grew 5% in the first five months of 2024 compared to the same period last year. This is substantially higher than the forecasts despite all attempts from outside to hinder us," Mishustin said.

Mishustin also appealed for more action to regulate inflation.

"It [inflation] totaled 4.5% year-to-date as on July 1. Despite the summer period, we need to monitor the macroeconomic situation constantly, adjust our action plan promptly in this area if necessary, and, of course, in cooperation with the Bank of Russia," he said.