Russia's telecom market grows 8% in 2024, expected to keep growing despite economy - Shadayev

MOSCOW. April 9 (Interfax) - Russia's telecom market grew by 8% in 2024, with the mobile segment growing slightly faster, Digital Development Minister Maksut Shadayev said at the Telecom 2025 forum organized by Vedomosti.

The growth was driven more by price increases than new services, he said. "Of course, the key component in growth here is rates. Obviously, in the current economic circumstances providers are forced to raise rates in order to continue to maintain their investment programs," Shadayev said.

Based on data telecom providers submitted to the ministry, capital expenditures in the mobile and fixed segments grew by more than 20% and 15%, respectively, he said, adding that the amount of capex exceeded the 2020 figures.

"There is growth, providers are investing in infrastructure. In general, we hope that growth will continue further, despite all the difficult economic circumstances, because traffic is growing and providers, of course, are forced to maintain provision of services at a certain level," Shadayev said.