Russian GDP growth expected to be 3.9% in 2024, despite slowdown at end of Q3 and start of Q4 - deputy PM

SOCHI. Nov 6 (Interfax) - Russia's GDP growth in 2024 is expected to be 3.9%, despite a slight slowdown at the end of Q3 and the start of Q4, Deputy Prime Minister Alexander Novak told journalists on the sidelines of the 21st meeting of the Valdai international discussion club.

"We now see that economic growth is 4.0% in nine months, even higher than last year. We expect around 3.9% this year, bearing in mind that there is a slight slowdown in the pace of growth in the fourth quarter and at the end of the third quarter, including due to last year's high base," he said.

The pace of GDP growth slowed to 2.9% year-on-year in Q3, from 4.1% in Q2 and 5.4% in Q1, the Economic Development Ministry said.

As reported, the ministry forecast Russian GDP growth in 2024 at 3.9% and 2.5% in 2025.

In October, the Central Bank of Russia confirmed its forecast for Russian GDP growth in 2024 at 3.5%-4% and just 0.5%-1.5% in 2025.