Russia's GDP growth around 4% in 2024 - Mishustin

MOSCOW. Feb 4 (Interfax) - Russia's GDP growth was around 4% in 2024 according to preliminary estimates, Prime Minister Mikhail Mishustin said during a strategic session on implementing macroeconomic policies for sustainable growth.

"According to preliminary estimates by the Economic Development Ministry, Russia's GDP grew by approximately 4% in 2024, driven by high investment and consumer activity," he said.

The main driver of growth was the manufacturing industry, which expanded by 8%, exceeding the initially projected trajectory, he said.

"This is precisely the sector where the share of added value is significantly higher than in the simple sale of raw materials, which confirms the increasing technological advancement of the Russian economy," Mishustin said. Strengthening this trend in the coming years is important, he said.

As reported, the Central Bank of Russia's forecast for Russia's GDP growth in 2025 is 0.5%-1.5%. Deputy Prime Minister Alexander Novak said in late December that the government expects GDP growth of 2.0%-2.5% in 2025.

A consensus forecast by analysts surveyed by Interfax at the end of December suggests Russia's GDP will grow 1.5% in 2025.