Russia's economy showing signs of cooling, forecast remains for growth of 3.9% in 2024 - minister

MOSCOW. Oct 24 (Interfax) - Russia's economy started showing signs of cooling slightly at the end of the third and start of the fourth quarter, though the forecast remains for the country's GDP to grow 3.9% in 2024, Economic Development Minister Maxim Reshetnikov said during a lecture at the All-Russia Academy of Foreign Trade.

"Our estimate is 3.9% this year [for growth in Russia's GDP]. Despite indeed seeing a cooling of the economy at the end of the third and start of the fourth quarter, it is rather natural that it is reacting to the decisions reached [to tighten monetary policy] according to several signs, and we confirm the estimate [of 3.9% growth]," Reshetnikov said.

Russian GDP grew an estimated 2.4% year-on-year in August after rising 3.5% in July, 3.2% in June, 4.7% in May, 4.6% in April, 4.2% in March, 7.6% in February and 4.8% in January, the Econ Ministry has said. The ministry estimated Russian GDP growth at 4.2% in January-August.

The ministry in September raised its 2024 GDP growth forecast to 3.9% from 2.8% and 2025 to 2.5% from 2.3%.

The Central Bank is forecasting 3.5%-4% growth in 2024 and 0.5%-1.5% in 2025.