Russian GDP grows 4.1% in 2024, as in 2023 - Rosstat

MOSCOW. Feb 7 (Interfax) - Russian GDP grew 4.1% in 2024, the State Statistics Service (Rosstat) said in a first estimate published on Friday.

Russian Prime Minister Mikhail Mishustin gave the same figure earlier in the day at a meeting with President Vladimir Putin.

GDP was an estimated 200.0395 trillion rubles at current prices in 2024. The deflator index was 108.9%.

Rosstat also gave its third 2023 GDP estimate, fifth 2022 estimate and sixth 2021 estimate.

GDP growth for 2023 was revised to 4.1% from 3.6% and the 2022 growth to 1.4% from 1.2%, while 2021 growth was left at 5.9%.

The 2024 growth was above the Russian Economic Development Ministry's 3.9% estimate, the 3.5%-4.0% forecast by the Central Bank of Russia and the 3.9% that analysts predicted in a consensus forecast for Interfax at the end of December.

Rosstat has not yet published a Q4 2024 GDP estimate but plans to do so in April together with adjusted figures for previous quarters.

Rosstat said earlier that GDP grew 3.1% year-on-year in Q3, 4.1% in Q2 and 5.4% in Q1 2024.

Gross value added growth in the following sectors made the biggest contributions to the overall 4.1% GDP growth in 2024: information and communications - 11.9%, hotels and restaurants - 9.6%, wholesale and retail trade - 6.9% and manufacturing - 7.6%. GVA also rose in finance and insurance - 16.5%, culture and sports - 8.4%, supply of electricity, gas and steam; air conditioning - 1.9%, transportation and warehousing - 1.8% and construction - 1.7%. GVA fell in agriculture, forestry, hunting, fishing - 3.4%, mineral extraction - 0.9% and real estate operations - 1.3%.

Combined household and state consumption accounted for 68.8% of Russian GDP in 2024, up from 68.4% in 2023, Rosstat said. Household consumption accounted for 49.7% of GDP in 2024, up from 47.6% a year earlier. State consumption rose to 18.6% from 18.3%.

Gross capital formation was unchanged at 27.4% of GDP: investment grew to 23.6% from 22.3%, and inventory changes fell 3.7% from 5.1%.

Net exports fell to 3.8% of GDP in 2024 from 4.2% in 2023.

The Central Bank of Russia is forecasting 0.5%-1.5% GDP growth for 2025. Deputy Prime Minister Alexander Novak said at the end of December that the government was expecting 2.0-2.5% growth this year. The analysts are forecasting 1.5% growth.